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Ernst and Young study shows Europe's major car markets continue to shrink

The Xinhua reported according to a study published by consulting firm Ernst & Young (EY) on Thursday, the European market for new cars in October shrank by 30 percent year-on-year, and was even down 35 percent compared to pre-crisis levels of October 2019.
"All major markets were down by double digits in October," the study found, with a decline of 36 percent in Italy and 35 percent respectively in Germany and Belgium. For current year, sales in Europe were just above last year's level but still 31 percent below 2019 levels.
"The crisis in the new car market is widening," said Peter Fuss, partner at EY. Car sales in Europe were likely not to reach last year's levels. "We are thus far below pre-crisis levels, and a turnaround is not in sight for the time being."

The global chip shortage would continue to lead to "significant losses" until the middle of next year, said Fuss, stressing that by then, "several million more cars will not have been built and sold -- with corresponding financial consequences for car dealers, manufacturers and suppliers."
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Although supply issues also slowed the growth of electrified new cars, sales of new electric cars in the five largest markets in Western Europe, Germany, the United Kingdom, France, Italy and Spain, were up 52 percent year-on-year in October, according to the study.
Germany continued to show the highest market share of new electrified cars at 30.4 percent in October, followed by the United Kingdom with 23.1 percent, the study found. In Spain, by contrast, only 11.1 percent of new cars were plug-in hybrids or electric cars.
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The German government target is to have between seven and ten million electric vehicles registered in the country by 2030, promoting the purchase of purely electric vehicles with a premium of up to 9,000 euros (around 10,200 U.S. dollars).
Source: xinhua
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BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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