The global automotive market grew by 2.3% in October
Despite the monthly growth, in January-October the car market fell by 17% compared to last year.
In October, the world car market grew by 2.3%, in absolute terms, dealers sold 7 million 626 thousand new cars last month. This is evidenced by the data of the consulting company LMC Automotive.
At the same time, despite the monthly growth, sales from January to October 2020 - 61 million 794 thousand cars - are still 17% lower than last year. This is, among other things, caused by inflation and the coronavirus pandemic, which provoked a crisis in the industry.
Most cars were sold in China in October - 2 million 497 thousand. These numbers are 10.4% higher than October 2019 sales, and in general, China has seen positive dynamics for the sixth consecutive month. The country's economy is getting stronger, and this is reflected in car sales.
Another market that showed growth in October is the American one. In the United States, 1 million 351 thousand new cars were sold, which is 1.3% more than last year.
LMC Automotive also provides statistics for Western and Eastern Europe. In the first case, the market fell by 6.1% to 1 million 176 thousand cars, and in the second - it grew by 12.4% to 398.8 thousand.