FILE PHOTO: A technical employee works at the production line for the electric Volkswagen model ID.5 car in Zwickau, Germany, January 27, 2022. REUTERS/Matthias Rietschel
February 8, 2022
BERLIN (Reuters) – The European Union’s car market will return to growth in 2022 after two years of decline, but registrations will remain 20% below 2019 levels as the chip shortage continues to hamper production, Europe’s auto manufacturers association predicted on Tuesday.
Stabilising chip supplies should enable car registrations to reach 10.5 million vehicles this year, 7.9% above 2021 levels, the European Automobile Manufacturers’ Association (ACEA) said in a statement, urging the EU to up regional chip production to reduce its reliance on external suppliers.
(Reporting by Victoria Waldersee; Editing by Ludwig Burger)
Source: One America News Network
