Europe’s new car registrations surged in March due to last year’s exceptionally low base of comparison caused by the strict COVID-19 restrictions introduced in most markets in March 2020, the European Automobile Manufacturers’ Association, or ACEA, said Friday.

Registrations of new passenger cars increased 87.3 percent annually, in contrast to February’s 19.3 percent decline.

About 1.06 million new cars were sold in the European Union in March compared to 567,253 during the same month in 2020.

Triple-digit gains were recorded by three of the four largest EU markets. Italy’s sales advanced 497.2 percent, followed by 191.7 percent rise in France.

Spain’s new car sales were up 128.0 percent. The German market also showed strong gains, with sales up 35.9 percent in March.

In the first quarter of 2021, EU demand for new cars grew by 3.2 percent to reach 2.6 million units registered in total.

The material has been provided by InstaForex Company – www.instaforex.com

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