Auto sales in Europe rose 7.6 percent in February, the sixth consecutive monthly increase, fueled by an economic revival and price cuts. Registrations rose to 894,730 vehicles last month from 831,371 in February 2013, according to the European Automobile Manufacturer’s Association (ACEA). Sales in the first two months of the year rose 6.3 percent to 1.86 million vehicles.
The European Commission is forecasting an expansion of 1.2 percent for the economy of the euro area in 2014, marking a revival from a recession that ended in the first quarter of 2013.
Market leader VW sold 7.2 percent more cars in the region last month, with luxury brand Audi reporting a 12 percent increase, while the Skoda volume brand rose 22 percent. However, sales of the VW brand fell 0.8 percent.
Europe’s second-biggest carmaker, PSA Peugeot Citroen, rose 3.5 percent in February thanks to a 6.6 percent surge of the Peugeot brand. New models including the 308 hatchback helped Peugeot win buyers amid a shift to more upmarket cars.
Renault increased deliveries by 12 percent thanks to a 34 percent surge at the low-cost Dacia division fueled by the refreshed Duster SUV (pictured) and Logan sedan. The Renault brand rose 3.8 percent thanks to strong demand for the Captur crossover.
GM Europe sales rose 12 percent, with Opel and Vauxhall boosting deliveries by 16 percent, while Ford increased 11 percent, thanks to demand for the Fiesta supermini and Kuga SUV.
Toyota posted a 14 percent jump in demand in Europe, with hybrid models driving sales, while Hyundai was the only auto making group among the top 10 in Europe to report a sales drop last month, with a 3 percent decline.
Fiat group sales rose 5.8 percent amid strong demand for the 500L and the Jeep Grand Cherokee, while luxury car manufacturers BMW and Daimler rose 6.8 percent and 5.1 percent, respectively.
By Dan Mihalascu
Story References: Businessweek
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