By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt to issue new bonds for climate, social goals
    Egypt to issue new bonds for climate, social goals
    September 27, 2023
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    September 27, 2023
    UNDP, MBRF launch online learning initiative for Arab countries
    UNDP, MBRF launch online learning initiative for Arab countries
    September 27, 2023
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    September 27, 2023
    GAFI to grant 45 more golden licences to boost investment
    GAFI to grant 45 more golden licences to boost investment
    September 27, 2023
  • Politics
    PoliticsShow More
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    September 27, 2023
    CCCPA, Senghor University join forces for African peace, development
    CCCPA, Senghor University join forces for African peace, development
    September 27, 2023
    Arab League chief urges more funding, investment for food security
    Arab League chief urges more funding, investment for food security
    September 27, 2023
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    September 27, 2023
    vPalestine urges international action to end Israeli occupation, crimes
    Palestine urges international action to end Israeli occupation, crimes
    September 26, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: European automotive market experiencing huge suffering in 4 year
Share
Notification
Latest News
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
Saudi Public Investment Fund eyes stake in Palm Hills Development
Saudi Public Investment Fund eyes stake in Palm Hills Development
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Automotive > European automotive market experiencing huge suffering in 4 year
Automotive

European automotive market experiencing huge suffering in 4 year

Mohamed Ramadan
Last updated: 2017/05/23 at 12:16 PM
By Mohamed Ramadan 3 Min Read
Share
SHARE

The sales of European cars declined to their lowest pace in four years last month due to lower purchasing power and tax changes in Britain.

Bloomberg News Agency reported that some companies, including Volkswagen and Ford, lost their share in the European market to Fiat Chrysler and NF automobiles, which attract customers with their distinctive sports cars.

The data showed that sales declined by 20% in the United Kingdom after introducing the new vehicle tariffs in early April, which could pave the way for a further decline in demand amid the consequences of its exit from the European Union and the decline of the value of the pound sterling.

Jonathan Bousquet, an analyst at LCM Automotive in Oxford, said that more weak results are expected to be recorded in light of the slow economy and the price hikes of cars.

The agency showed that the growth of car sales is about to slow down after three years of consecutive gains, as many consumers have already bought new cars.

Additionally, buyers in the UK—the second largest market in Europe—are suffering from the economic fallout from the unified bloc.

April’s sales decline is the first decline since October, and was the lowest since 10 March 2013 when the European car market declined to its lowest level in two decades.

Despite April’s weak performance, sales are expected to increase again this year at a slower pace due to the economic confidence in the Euro Zone countries, which indicates more consumer spending in the coming months.

Peter Foss, a partner in Ernst & Young Consulting, said that the overall conditions remain positive for the year as a whole. He added that the European automotive market will benefit from the prospects for good economic growth, low unemployment, and continued decline in financing costs.

The sales of Volkswagen in the European region fell by 9%, and its share in the German market declined to 24.8%, compared to 25.4% for the same period last year.

This came at a time when the sales of Ford declined by 12% in the region.

On the other hand, Toyota Motors achieved gains in sales over the past month, along with Renault, which increased its market share by 10.6%, compared to 10.1% for the same period last year.

Sales in Germany, the largest market in Europe, declined by 8%, while they declined by 4.6% in Italy and 6% in France.

The Association of Motor Manufacturers expected car sales in Western Europe to rise by 2.4% this year.

You Might Also Like

Genesis G70 enhanced version starts production in Middle East

Egypt’s classic car treasures on display at Baron Hotel Cairo

Toyota Egypt Group, Edraky LLC celebrate 1st implementation of phase 1 SAP S4 Hana & Proaxia VSS globally

Abou Ghaly Motors ranks 1st in Africa, 6th worldwide as GEELY Auto agent for 2022

Egypt Automotive Summit’s 7th edition reviews national strategy to develop auto industry

TAGGED: Automotive market, European, Sales
Share this Article
Facebook Twitter Email Print
Previous Article Sales of high-priced cars exceed sales of middle-class cars
Next Article Noble shares tank after default warning
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?