Global chip shortage, COVID-19 pandemic weigh on French car market rebound
Reuters
Published Aug 01, 2021 09:54
PARIS (Reuters) - The global chip shortage and a new surge in COVID-19 infections are weighing on the prospects for a strong rebound by the French car market, the carmakers' lobby CCFA-PFA said on Sunday.
The French association was until now betting on car sales growth in the range of 9-10%, but that could be toned down, a spokesperson for CCFA said.
"We think it might be difficult to achieve 1.8 million of sales this year," the spokesperson said.
Last year, new French passenger car registrations fell to 1.65 million from 2.21 million in 2019 as the coronavirus pandemic brought car factories to a halt.
A lack of crucial semiconductors and uncertainty surrounding the novel coronavirus pandemic are affecting most automakers, including French carmaker Renault (PA:RENA) and its Franco-Italian arch-rival Stellantis.
New car registrations in France plummeted by about 35% in July from the same period a year ago, according to data issued by CCFA-PFA late on Saturday.
Registrations of new passenger vehicles totalled 115,713 last month, CCFA said. The French car market is up by about 16% over the first seven months of the year compared with the same period in 2020, the association said.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.