European Automobile Manufacturers Association (ACEA) said that this year there will be shrinking on European Union’s car market. They are predicting one percent dip to9.6 million units in descending revision from primary projection for return to growth.
By making comparison with the figures before pandemic in the year 2019 there is drop of 26% in car sales in the space of just three years. This statement made by ACEA with reference to the updated forecast for 9.6 million units in the year 2022.
Both Covid pandemic and Ukraine war affected all sector like semiconductor and so on. It needs good effort to come out of these issues, said ACEA.
These contain greater resilience in supply chain of Europe, an EU Critical Raw Materials Act which ensures strategic access to raw materials required for e-mobility, and an accelerated roll-out of charging the infrastructure,” said by Oliver Zipse who is the Chief Executive Officer of BMW and also ACEA President.