German Car Market Could See Small Gain in 2023, S&P Global Says

“The market won’t sustain the growth of the first half of the year,” Martin Benecke, Senior Manager S&P Global Mobility, told the German magazine Automobilwoche. “But we still expect to reach around 2.8 million passenger cars in the current year.”

Last year, new car registrations reached 2.7 million. They rose 18.1% to 243,277 vehicles in July, driven by a 68.9% surge in battery electric vehicles , the KBA motor transport authority said Aug. 4. For the first seven months, new registrations were up 13.6% year-on-year to 1.6 million. While he expects new registrations to rise to 2.9 million next year, Benecke said he doesn’t see the German car market returning to previous highs. In 2019, before the pandemic and the war in Ukraine, Germany recorded 3.6 million new car registrations.

“If things go well, it could reach another 3 million passenger cars. But no more”, Bennecke said of the German car market’s longer-term potential. Carmakers are still working through their order books as long-running shortages of critical components such as semiconductors have eased. But the outlook is clouded by the prospect that supply chain bottlenecks could return amid surging demand for electric vehicles, and that consumers could cut back on spending due to high inflation and slowing global growth.

Philippines Philippines Latest News, Philippines Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Afarak reports solid results in challenging marketSpecialist alloy producer Afarak Group increased revenue by 3.6% to €95.3-million during the six months to June 30, up from €92.1-million in the comparable period in 2022. Processed material sold decreased by 15.5% to 12 855 t, down from 15 205 t in the 2022 interim reporting period. However, tonnage mined increased significantly to 162 971 t, up from 39 109 t during the comparable 2022 period.
Source: MiningWeeklyCA - 🏆 48. / 63 Read more »

Stock market today: Wall Street drops again in what could be its worst week since MarchNEW YORK (AP) — Wall Street is limping toward the close of what could be its worst week since March. The S&P 500 fell 0.6% in the early going Friday and is on track for a third straight losing week.
Source: SooToday - 🏆 8. / 85 Read more »

Soccer-'Endless money' is a problem in transfer market, says Liverpool's Klopp(Reuters) - Liverpool boss Juergen Klopp said it was difficult for the club to keep pace in the transfer market and called for more regulation after ...
Source: SaltWire Network - 🏆 45. / 63 Read more »