Hyperdrive
Europe’s Car Sales Climbed in October on Order Backlogs
- New-vehicle registrations rise for 15th consecutive month
- Inflation, higher interest rates weigh on consumer demand
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Passenger-car deliveries in Europe increased for a 15th month in October even as inflation and higher borrowing costs weighed on consumer demand.
New-car registrations rose 14% from a year earlier to 1.04 million units, the European Automobile Manufacturers’ Association said Tuesday, as manufacturers continued to work through order backlogs. Sales of electric vehicles made up about 15% of total deliveries.