LMC Automotive offers timely reporting of the latest data sets and estimates for several automotive markets around the world including, global car sales, the Chinese, Indian and ASEAN automotive markets and the Western European Diesel market.
Global Light Vehicle (LV) sales fell by 19.9% year-on-year (YoY) in February, while the selling rate plunged to just 64.9 mn units/year, the worst result since the financial crisis. Sales did improve YoY in the US, Canada and Eastern Europe but these modest increases do not compensate for the enormous 80.4% YoY decrease in China, or the weakness in Western Europe and Asia.
West European car registrations fell by a colossal 52.9% year-on-year (YoY) in March — the regional selling rate dropped to just 6.6 mn units/year. A fall of this proportion is unprecedented in what is, generally, a mature, stable region. The spread of coronavirus COVID-19 now dominates regional woes, with widespread government-imposed lockdowns, and subsequent plant closures.
The theme of near plateauing of the diesel car mix continued in February with a preliminary diesel share of 31.8% being recorded across the region. At 306,000, diesel sales in February were reduced by 55,000 units compared with a year earlier. Almost half of that loss was caused by Italy with other markets suffering modest declines while Belgium’s diesel car market was larger than that of a year ago.
The ASEAN LV market kicked off 2020 with a double-digit drop in January (-11% YoY) as all markets, except Indonesia, suffered declines. Indonesian LV sales picked up slightly in the month (+2% YoY), boosted by a positive performance in the PV segment (+6% YoY), which offset a decline in LCV demand (-14% YoY). The main drivers of PV demand were Honda and Suzuki.
China’s Passenger Vehicle (PV) sales (i.e., wholesales) fell by 81% year-on-year (YoY) to 0.24 mn units in February 2020, while the Light Commercial Vehicle (LCV) segment shrank by 74.4% YoY to 0.05 mn units. The overall Light Vehicle (LV) market ended the month with a decline of 80.1% YoY, on total sales of just 0.29 mn units. PV production reached 0.20 mn units in February, a plunge of 82.2% from the same month last year.
India’s Light Vehicle (LV) wholesales remained in the red in February, falling by 11% year-on-year (YoY) to about 289k units. Passenger Vehicle (PV) sales shrank by 6% YoY to 242k units, while the delivery of Light Commercial Vehicles (LCVs) up to GVW 6 tonnes slumped by 30% YoY to 47k units.