The lowest month of June on record since 1996
With all four major EU markets posting declines, this is the lowest month of June on record since 1996. The downward trend (-15.4%) with 886,510 units registered perpetuates as supply chain issues continue to limit vehicle output.
Germany posted the strongest decline (-18.1%), followed by Italy (-15%), France (-14.2%) and Spain experienced a more modest decline (-7.8%).
Alongside these major markets, these markets in the EU except for Latvia reporting +6.2% YoY growth, experienced comparable YoY downward trends this month: Cyprus (-6.6%), Greece (-20.1%), and Sweden (-27.7%).
Overview of European manufacturers
With the exception of Mercedez-Benz who experienced a slight YoY positive growth (+4.2%), here are the manufacturers experiencing a downward trend.
- Volkswagen Group: -24.4%
- BMW Group: - 13.8%
- Stellantis: -16.5%
- Volvo: -47.9%
The forecast for July
We forecasted the European passenger car market by building 35 models composed of 13 leading indicators on data from 2003 to 2022. Indicio then weighted each model depending on performances at each horizon to create an aggregate forecast. We anticipate a downtrend with 751.47K passenger car registrations in July, which represents a -8.8% YoY decrease compared to July 2021.
Interested to learn more about how you can use this methodology to generate your forecasts?