European Union Posts September Car Sales Record, Asian Markets Continue to Grow
New car sales in Europe grew by 7.3% in September, marking a new record for September. This growth continued despite concerns over Brexit. In the first nine months of 2016, European Union passenger auto registrations grew by 8%. Italy, Spain, and Germany posted the largest growth, while France, and the UK also continued gains for the first 9 months of the year. Passenger car sales are projected to grow by approximately 6% this year.
Indian carmakers saw strong September sales, with Maruti Suzuki India reporting 31.1% year over year growth in September, and Indian SUV manufacturer posting an 8% rise in September sales.
China also posted explosive auto sales growth in September, buoyed by a tax break on compact vehicles that is set to expire at the end of the year. China’s auto sales grew by 26% in September, with the strongest sales in SUVs and compact cars. Nine month sales are up over 13% this year.
China’s sales this year have fueled an overall global increase in year over year sales numbers for key market segments. However, analysts are closely watching the impact on global car sales once China’s tax credit expires.
