Autos & parts (AO) | EU April PC regs up 7% YOY (+3.9% YTD); SAAR down to 12m

Research evidence excerpt

Autos & parts (AO) | EU April PC regs up 7% YOY (+3.9% YTD); SAAR down to 12m

News comment

Release date: 12 May 2026

Alexandre Raverdy, CFA

Equity Research Analyst

+33 1 70 98 85 46

araverdy@keplercheuvreux.comAutos & parts

Europe

EU April PC regs up 7% YOY (+3.9% YTD); SAAR down to 12m

Key points:

Consulting firm GlobalData estimates that Western Europe passenger car (PC) registrations gained 7% YOY in April 2026. The UK,

Germany, Italy and Spain all posted gains, while France underperformed.

The seasonally adjusted annual rate (SAAR) for PCs is estimated at 12m in April, down from 12.2m in March. GlobalData again cut

its 2026 forecast, from a 0.2% increase to a 0.9% decline.

Tyres remain our preferred segment (Buy ratings on Michelin, Continental and Pirelli), while we remain selective on the sector

overall, notably on OEMs and suppliers. Aumovio, Continental, Pirelli and Ferrari remain our Most Preferred names.

High single-digit growth for European passenger car demand in April

Consulting firm GlobalData estimates Western European PV sales rose 7% YOY in April, with the selling rate slightly easing to 12m.

France reported a marginal 0.3% decline, while the UK and Italy outperformed the market in April, alongside Spain and Germany.

In Spain, new car registrations climbed by 8.5% (+7.8% YTD), with demand led by Volkswagen Group (+16.8% YOY). Growth is

mainly driven by electrification and intensifying competition.

The German market expanded 2.7%, driven by Renault's 16.1% gains, while Stellantis and VW volumes slipped 0.3% and 0.8%

YOY respectively. BEV sales jumped 41% in Q1 2026.

Italy’s sales in April gained 11.6% (+9.8% YTD). Momentum has been strong since November in Italy, with EV sales surging +99%

YOY, driven mainly by more affordable Chinese models.