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The Spanish passenger car market fell further in July. According
to the latest data published by the Spanish Association of
Passenger Car and Truck Manufacturers (Asociación Española de
Fabricantes de Automóviles Turismos y Camiones: ANFAC),
registrations declined by 11.1% y/y to 116,686 units. The
performance this month created further drag on the market in the
YTD, and now its registrations are down by 6.5% y/y at 809,159
units.
Significance: The decline in the Spanish market
during July came despite one additional working day compared to
July 2018. However, this month was also boosted by OEMs seeking to
register non-WLTP certified vehicles before the September deadline,
with a heavy use of incentives. ANFAC notes that this definitely
had a benefit to company car and rental car fleets, with the former
now down by 8.2% y/y to 40,452 units and the latter retreating by
10.9% y/y. It may also have been a factor part of the reason for
the 13% y/y decline to 57,952 units of private customer demand.
However, Raúl Morales, Director of Communication of dealer lobby
group FACONAUTO, added that the declines have also come despite
dealers and brand heavily incentivising the market this month. He
stated that many customers are also delaying registrations on
political uncertainty and potential for reforms in the regulatory
environment, particularly in terms of powertrain type. Morales also
warns that there could be further swings in August and September as
the second phase of WLTP is introduced, which will require dealers
to register around 15,000 vehicles prior to 1 September. For now,
IHS Markit anticipates that registrations will still fall by 0.4%
y/y to 1.32 million units during 2019, before recovering the
following year.
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