German car market is weak
Germany's automotive market is showing signs of weakness. According to a report from Xinhua News Agency published on March 19, 2004, the German Federal Motor Transport Authority revealed that in February, approximately 221,100 new vehicles were registered in the country. While this marked a 7.6% increase compared to January, it still represented a 2.7% decline from the same month in the previous year.
Looking at the first two months of 2004, total new car registrations stood at 432,300, a drop of about 35,600 units or 7.7% compared to the same period in 2003. This indicates that the recovery in the German auto market remains sluggish. Among major manufacturers, sales performance varied significantly.
Opel, a key player in the German market, saw its sales fall by 19.4%, with its market share dropping by 1.5 percentage points to 10.3%. Renault also experienced a sharp decline, with sales down 23% and market share falling from 6% to 5%. Ford's sales dropped by 10.6% during the same period.
Volkswagen AG, which had previously dominated the market, performed relatively better. Its sales fell by 4.5%, but its market share increased slightly from 29.6% to 30.6%. DaimlerChrysler and BMW also saw declines, with sales falling by 9.4% and 9.9% respectively, and their market shares decreasing by 0.3 and 0.2 percentage points. Their current market shares are 13.2% and 8.2%, respectively.
Meanwhile, Toyota Motor Corporation of Japan emerged as the biggest winner in the German market. Its sales surged by 43.5%, and its market share rose from 2.7% to 4.2%. Overall, Asian automakers saw a 11.8% increase in sales, with their combined market share rising from 12.1% to 14.7% in the first two months of the year. This shift highlights the growing competition in the German auto sector and the challenges faced by traditional European brands.
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