Car sales in Europe rise for 4th month

Although car sales in Europe accelerated in November due to the decrease in supply chain problems, there are concerns that the worsening economic outlook will reduce demand in the coming months. Car sales in Europe continued their upward momentum for the fourth month. According to data from the European Automobile Manufacturers Association (ACEA), new vehicle registrations increased by 17 percent last month, exceeding 1 million. However, total sales remained lower than the first 11 months of last year. The decrease in supply problems has been effective in increasing deliveries in recent months. According to Bloomberg Intelligence, the sector is not yet expected to return to pre-pandemic levels and may complete the third year with a decline. LMC Automotive predicts that the supply problems that disrupt production will decrease next year and said, "We predict that 2023 will easily exceed 2022, but we are a little more cautious." The company lowered its sales forecast for Western Europe to below 11 million. Alarm bells are ringing for some car manufacturers due to the effect of inflation. Volkswagen said this week that sales of electric cars in Europe have fallen short of target in recent months as rising energy prices have begun to hurt demand. New car registrations in the UK rose 24 percent in November, in Germany 31 percent and in Italy 15 percent. The biggest increase in sales compared to last year was VW, with 37 percent.