EU commercial vehicle market narrows in first 11 months

ISTANBUL

The EU passenger car market shrank 0.3% year-on-year in the first 11 months of 2019, an industry group said on Tuesday.

Automobile registrations across the 28-member bloc stood at 14.1 million in the January-November period, according to the European Automobile Manufacturers' Association (ACEA).

"Eleven months into the year, new car registrations across the European Union were almost back at levels from one year ago, thanks to the strong results of the last three months."

"Four of the five major EU markets declined from January to November, most notably Spain (5.7%) and the U.K (2.7%)," the association said.

It added that Germany was the only major market with a 3.9% increase.

Meanwhile, the market grew 4.9% in November on an annual basis.

The EU is the main automotive export market for Turkey, where top international automakers -- including Ford, Honda, Hyundai, Mercedes, Renault, and Toyota -- are operating.

According to Turkey's Automotive Manufacturers' Association (OSD) data, the country's automobile market narrowed 25.6% to 316,427 from January to November.

The country's automotive exports were also affected by the contraction in the EU market, narrowing 6% on an annual basis, the OSD head said last week.