Transportation
European Car Sales Drop in May as Drivers Wait for Cheaper EVs
- Registrations fall 2.6% on declines in Germany, Italy, France
- Consumers turned off by high interest rates, pricy vehicles
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Automakers in Europe sold 2.6% fewer vehicles in May than a year ago as buyers balked at the still-high prices of electric models.
New-car registrations fell to 1.09 million units last month, the European Automobile Manufacturers’ Association said Thursday. EV sales slumped 11% amid declines in several major markets, and their share of the total also decreased.