EU Car Sales Up, Electric Gains. September 2023 witnessed a 9.2% uptick in EU new car registrations, totaling 861,062 units, according to the European Automobile Manufacturers Association.
Italy and France were standout performers with growth rates of 22.7% and 10.7% respectively.
In the year’s first three quarters, the EU car market expanded by 16.9%, reaching eight million units. However, this number is still 20% short of 2019’s pre-pandemic 10 million registrations, as stated by the Association.
The electric push is evident. September saw battery-electric vehicles capture 14.8% of the market share, up from last year’s 14.1%. Interestingly, this is the third instance in 2023 where they surpassed diesel vehicles in popularity, as reported by the European Automobile Manufacturers Association.
The auto industry’s relative lull contributes to low demand for PA6/PA66 and ABS polymers.