European car sales in March rose to their highest level for the month as Fiat Chrysler Automobiles NV and Renault SA took advantage of a solid economy to lure more buyers, “Bloomberg” announces.
Benefiting from the shift in Easter to April, industrywide registrations climbed 11 percent to 1.94 million vehicles last month, the Brussels-based European Automobile Manufacturers’ Association, or ACEA, said Wednesday. Fiat and Renault gained market share at the expense of regional leader Volkswagen AG and No. 2 PSA Group. Falling unemployment and 15 consecutive quarters of euro-area economic growth helped buoy consumer confidence in Europe, underpinning auto demand. Even the U.K., Europe’s biggest auto market after Germany, has resisted a Brexit-induced slowdown, with sales in the country up 8.4 percent last month. The region’s resilient car market is a contrast to the U.S., where vehicle sales unexpectedly declined in March.