Early Easter causes EU new car sales to drop 5.2% in March, says ACEA

New car sales in the European Union fell by 5.2% year-on-year in March, marking the first decline this year and the biggest since July 2022, Europe's auto industry body said on Thursday, citing the impact of early Easter holidays and a market downturn. Top European carmakers Volkswagen and Stellantis have said the market will be tough in 2024, as a result of weak global demand for electric vehicles (EVs), increasing Chinese competition, sustained cost pressures and geopolitical tensions. Car registrations fell in March by a yearly 6.2% in Germany, 4.7% in Spain, 3.7% in Italy and 1.5% in France, data by the European Automobile Manufacturers Association (ACEA) showed.