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Passenger car registrations decreased by 20.6% compared to April 2021 as production is still impaired. With the exception of 2020, these figures set a record lowest for April.
The Irish and Romanian markets kept growing this month with 23.4% and 10% more registrations compared to April 2021, while all other markets witnessed downtrends.
Asian manufacturers stand out again this month with better performances: Hyundai and Mitsubishi registrations up by 10.8% and 11.9%, and Toyota limiting the downturn to only 3.6%.
On the other hand, European manufacturers are still strongly affected by the situation:
- Volkswagen Group: -27.1%
- Stellantis: -32.1%
- Renault: -18.2%
- Volvo: -20.7%
Forecast May
We forecasted the European passenger car market using Indicio. We built 28 models composed of 13 leading indicators on data from 2003 to 2022. Indicio weighted each model depending on performances at each horizon to create an aggregate forecast. We anticipate a slight uptrend with 765k passenger car registrations in May, which represents a 14.1% YOY decrease compared to May 2021.
Interested to learn more about how you can use this methodology to generate your forecasts?
Book a demo here.
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