Germany Mounts Car-Sales Comeback Powered by Electric Models

(Bloomberg) — Germany’s car market expanded for the first time this year, as sweeter incentives for battery-powered vehicles led Europe’s biggest auto market out of a deep slump.

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Almost a sixth of cars registered last month were plug-in hybrids or battery-electric models, Germany’s trade group VDA said Friday. Demand for those vehicles more than quadrupled from a year ago, supporting an 8.4% gain in total sales.

Germany boosted subsidies this summer to as much as 9,000 euros ($10,600) for electric vehicles and 6,750 euros for plug-in hybrids to help an industry decimated by the coronavirus pandemic get back on its feet. The nation’s auto sector was already reeling from the effects of trade wars prior to the pandemic, with car production slipping to a 23-year low last year.

Read more: Electric-Car Subsidies Render Renaults Free in Germany

While total sales advanced in September, registrations in the first nine

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Edmunds Predicts Comeback For New Auto Sales

Even with challenges brought by the COVID-19 health crisis, Edmunds analysts indicate that Q3 marks a “positive turning point” for the automotive space. They anticipate that 3,850,707 new cars and trucks will be sold domestically, marking a 11 percent drop from Q3 2019 and a 30.6 percent rise compared to Q2 2020, according to an announcement.

Edmunds Executive Director of Insights Jessica Caldwell said in the announcement that consistently lower interest rates inspired new-car purchasers, who were not as likely to be negatively financially impacted by COVID-19, to decide to buy. She also noted that increasing used vehicle prices likely made the new car market more attractive to purchasers who were not feeling sure about buying new or used.

Additionally, those who own cars had the ability to harness the “extra value” that trade-ins were getting amid COVID-19 to help defray the cost

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