New-car sales in Europe jumped the most since May 2021 as supplies of key components including semiconductors continue to improve.
Registrations in the EU, EFTA and U.K. markets jumped 26 percent in March to 1.42 million, the European automakers’ lobbying group ACEA said on Wednesday in a statement.
The result extended the industry’s growth streak to eight consecutive months.
Automakers are benefiting from orders accumulated during the worst of their supply crises and a weak year-ago showing.
While parts shortages are easing, automakers are now contending with elevated inflation rates and slowing economies — factors expected to weigh on sales as the industry attempts a complicated shift to electric vehicles.