Hyperdrive
Europe Car Sales Extend Winning Streak on Order Backlogs
- New-vehicle registrations rise for 14th consecutive month
- Softer EV demand sees VW cut back on shifts, lay off workers
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European auto sales maintained double-digit growth in September despite higher interest rates raising the cost of acquiring a car.
New-car registrations rose 11% to 1.2 million units, the European Automobile Manufacturers’ Association said Friday, with order backlogs helping manufacturers overcome pressure from higher financing costs for customers. Sales of electric vehicles also edged higher to make up 16% of total deliveries.