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The car market continues to grow but not enough. Indeed it is decreasing compared to the pre-Covid period. And above all on the horizon remain the concerns of operators for car prices, judged to be high, and for the loss of household purchasing power. In summary: a return to normal for the Italian car market remains a mirage. These are the data from the Promotor study centre, which took stock of the trend of the Italian market with registrations in the January-July period.
Decline of 22.3% compared to 2019
In particular, in July 119,027 cars were registered in Italy with an increase of 8.8 percent compared to the same month in 2022. If we look at the trend in the first seven months of this year (January-July) we see that 960,765 cars were registered with an increase of 21 percent compared to the same period in 2022. So all right? For nothing. Compared to pre-crisis levels (i.e. compared to January-July 2019), there was a drop of 22.3 percent. These are therefore data that need further analysis on several fronts. If in 2023 it were possible to maintain the growth rate of the first seven months up to December, the Promotor study center explains, the year would close with 1,593,209 registrations. But this is a prospect, they explain, unlikely in light of the slowdown in the growth rate in recent months. In any case, even if the hypothesized growth were achieved, the car market “would still be very far from the volume of registrations necessary to avoid further aging of our vehicle fleet, which is among the oldest in Europe, with all that which follows in terms of pollution and safety in traffic”.
Quagliano: «We need an incisive policy to relaunch sales»
According to Gian Primo Quagliano, president of the Centro Studi Promotor, «the Italian automotive market is still a long way from returning to normal and there is therefore a need for an incisive policy to relaunch sales conducted at government level (in Italy and in Europe) and also conducted by car manufacturers currently dominant on the European market who have to decide whether to offer solutions to all car users or whether to concentrate on the production of electric cars and elite cars leaving an important part of the demand to new or relatively new manufacturers on the European market”.
The disposal of back orders
Another element on the growth front that deserves further study is this: the recovery that began in August of last year was determined by the partial overcoming of the production difficulties associated with the shortage of microchips and other components: today there is a full availability of electric cars and a moderate availability of elite cars, but difficulties remain for cars “intended for mere mortals”. For their part, the operators report that the recovery in progress is linked to the disposal of the order portfolio accumulated due to component shortages, while 90% of the dealers complain of a modest acquisition of new orders. Under accusation there is certainly the level of car prices: in July for 62% of the dealers they were high while 30% of the dealers questioned expect further increases in the next three or four months.
Golden times for luxury cars
As far as individual car manufacturers are concerned, there are some data that affect and concern medium-high-end or luxury cars. The Italian Alfa Romeo, to say, grew by 56.35% in July compared to the same month in 2022 and by 136.64% if we look at the January-July period; MG in July recorded an increase of 375.53% while in the period January-July a 425.80% increase compared to the same period of 2022; Tesla booms with growth of 1191.89% in July and 247.60% in the January-July period; Porsche was down in July (by 6.73%) but recorded a growth of 14.72% in the January-July period. Fiat was slightly down both in July and in the first seven months of 2023: down by 6.30% in July and by 5.19% in the January-July period; Honda was down (by 9.93% in July and by 31.34% in the January-July period); setback with a drop of 53.58% in July for Lynk&Co which, however, recorded a growth of over 70% in the first seven months.
2023-08-01 16:07:30
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