Fuel Type: Plug-In Hybrid (PHEV)

Schwacke Insights August 2020 – monatliche Kennzahlen im Überblick

Im Juli schon von Entspannung zu sprechen ist vielleicht ein bisschen zu früh, aber in Richtung Sommer erholen sich die Verkaufszahlen besser als im Neuwagenbereich und Preisindizes sind eher positiv für klassische Verbrenner. Dennoch sind viele Vergleichs-KPIs im roten Bereich und die elektrifizierten Antriebe – mit Ausnahme Vollhybrid – setzen ihren corona-unabhängigen Sinkflug weiter fort.

Besserung ist auch nicht in Sicht. Die Innovationsprämie macht neue Elektrofahrzeuge und PHEVs aktuell günstig und lässt damit von jung nach alt die Gebrauchten sinken. Schließlich wollen GW-Kunden immer noch in Relation günstiger wegkommen mit ihrem Kauf. Außerdem fehlen denen wirkliche Kaufanreize und Vorteile während des Betriebs. So steigen die Verkaufsvolumen nur moderat und werden durch wachsenden Nachschub „überaufgefüllt“. Krisenbedingt spät, aber noch in der Saison: Schnelldreher-Cabrios.

Insights August 2020

Podcast: Running the numbers on incentives, registrations and residual values

The Autovista Group Daily Brief Team discusses the biggest automotive news stories of the last fortnight. In this episode, Tom Geggus talks incentive schemes, Neil King reviews registration figures and returning special guest Christof Engelskirchen wraps up residual values.

https://soundcloud.com/autovistagroup/running-the-numbers-on-incentives-registrations-and-residual-values

You can also listen and subscribe to receive further episodes direct to your mobile device on Apple, Spotify and Google Podcasts.

Carmakers’ financial performance highlights COVID-19 crisis – Part 2

Daily Brief editor Phil Curry looks at carmakers’ 2020 quarterly and first-half financial performance, exploring how the coronavirus (COVID-19) pandemic has affected the automotive industry. In this second part, Curry explores the impact of COVID-19 on the financial performance of BMW, Daimler and Toyota.

The BMW Group delivered 962,575 BMW, Mini and Rolls-Royce premium-brand vehicles to customers worldwide in the first six months of 2020, down 23% compared to the first half of 2019. Group revenues fell 10.3% to €43.2 billion. Earnings before interest and tax (EBIT) for the six-month period amounted to €709 million, down 74.6%. 

As BMW expected, the negative impact of the COVID-19 pandemic was felt more sharply in the period from April to June. The carmaker reported a loss of €666 million in Q2, its first quarterly loss since 2009.

‘Our swift responsiveness and consistent management strategy enabled us to limit the impact of the corona pandemic on the BMW Group during the first half of the year,’ said Oliver Zipse, BMW chairman. ‘We are now looking ahead to the second six-month period with cautious optimism and continue to target an EBIT margin between 0% and 3% for the automotive segment in 2020. We are monitoring the situation very closely and managing production capacities in line with market developments and regional fluctuations in customer demand.’

Daimler – a challenging quarter

Daimler has issued a number of profit warnings in recent years, as it has struggled with EV development budgets, falling sales and the implementation of the Worldwide Harmonised Light-vehicle Test Procedure (WLTP). The COVID-19 pandemic has therefore added another layer to an already complicated situation.

The German carmaker reported that revenue slipped ‘significantly’ by 29% to €30.2 billion in Q2 2020. It reported a loss before interest and tax of -€1.7 billion, with a net loss of €1.9 billion.

‘Due to the unprecedented COVID-19 pandemic, we had to endure a challenging quarter,’ said Ola Källenius, chairman of Daimler. ‘But our net industrial liquidity is a testament to effective cost control and cash management, which we must continue to enforce. We are now seeing the first signs of a sales recovery – especially at Mercedes-Benz passenger cars, where we are experiencing strong demand for our top end models and our electrified vehicles. Going forward, we are firmly determined to continue to improve the cost base of our company. At the same time, we are committed to our key strategic objectives: to lead in electrification and digitalisation.’

Daimler countered the drop in demand by quickly suspending production in March, April and May, as well as introducing short-time working. To safeguard the company’s financial strength, expenditure and investments were focused on the most critical future projects. The company currently expects to return to profit by the end of the year.

Toyota turns a profit

Unlike Nissan, and other Japanese carmakers, Toyota reported a profit, albeit significantly reduced, in its 2021 financial year Q1 results, covering the period from 1 April to 30 June. The carmaker’s operating profits plunged by 98% compared to the same period last year, coming in at ¥13.9 billion (€110 million).

Net income tumbled 74% to ¥158.8 billion, as total retail vehicle sales, including those from Daihatsu and Hino, fell by 32%.

Toyota attributed its profit to a number of key elements that played out in the three months. First, the effects of foreign exchange rates decreased operating income by ¥75 billion. Secondly, cost-reduction efforts increased operating income by ¥10 billion. Lastly, the effects of marketing activities decreased operating income by ¥810 billion yen, largely due to the fall in sales volume caused by the spread of COVID-19.

The carmaker has not revised its forecasts for the year, which were made in May 2020, as it operates an April to March financial year. Therefore, it was able to take the COVID-19 effect into account when planning its year ahead. The company expects operating income will fall 79% to ¥500 billion in 2020/2021 while net income will slide 64% to ¥730 billion.

‘While we expect an increase in consolidated vehicle sales, we have left those forecasts unchanged given, for example, the possibility that the business environment will change significantly depending on such factors as the future spread of COVID-19 and the state of its containment,’ the company said.

Cautious optimism

Throughout the recent spate of financial results, one thing is clear. No company is currently able to accurately forecast its full-year results. Some have tried, with caveats added in case things change drastically, while others have simply said they are not in a position to produce forecasts in what is a volatile market.

However, there is cautious optimism, and as countries around the world start to get a grip on how to handle the COVID-19 pandemic, it is hoped that the extreme measures taken in March and April will not be repeated. What could cause further issues for the automotive industry is the economic impact, which has pushed some countries into recession and is increasing unemployment. These two factors that do not bode well for the purchase of new vehicles.

Read part one of Curry’s financial results round-up here. 

Carmakers’ financial performance highlights crisis behind COVID-19

Daily Brief editor Phil Curry looks at carmakers’ 2020 quarterly and first-half financial performance, and how the coronavirus (COVID-19) pandemic has affected the automotive industry. In this first part of two, Curry considers VW Group, Nissan, Renault and Ford.

Europe’s economy is in a state of flux in the wake of COVID-19 lockdowns, with Italy leading the way in extreme measures put in place to prevent the spread of the virus.

Some carmakers have weathered the storm better than others, and many remain optimistic that the impact is merely a ‘blip’ in their financial results, with improvements already developing.

VW – one of the most challenging periods

In its H1 2020 results, Volkswagen Group (VW) reported an operating loss of €803 million (before special items). This expanded to an overall loss in the first half of 2020 to almost €1.5 billion when special items are included. Vehicle sales were down 30% compared to the first half of 2019, while production fell 32.5%. Group sales revenue decreased by 23.2% to €96.1 billion.

Frank Witter, member of the group board of management responsible for finance and IT, said: ‘The first half of 2020 was one of the most challenging in the history of our company due to the COVID-19 pandemic. The health of our employees, customers and business partners is still the top priority. With our 100-points plan to ensure maximum health protection, we have, for example, created the best possible prerequisites for a safe working environment. At the same time, we introduced comprehensive measures aimed at reducing costs and securing liquidity early on, which enabled us to limit the impact of the pandemic on our business to a certain degree.

‘Thanks to the great team effort, we have gradually been able to ramp up operations within the Group and up until now, have steadily managed to navigate through this unprecedented crisis. Due to the positive trend exhibited in our business over the past few weeks and the introduction of numerous attractive models, we look cautiously optimistic to the second half of the year.’

Nissan – major losses

For the April to June period, consolidated net revenue at Nissan was ¥1.1742 trillion. The operating loss was ¥153.9 billion, equivalent to an operating margin of -13.1%. The net loss was ¥285.6 billion.

In its first quarter, Nissan’s global automotive sales fell by almost half amid the pandemic. To limit the spread of COVID-19, the company suspended production at manufacturing sites around the world. Nissan’s plants have since resumed operations but face reduced utilisation of their capacity due to lower demand. The company’s performance continues to be impacted by the challenging business climate, it said in a release.

Nissan raised concerns about its financial performance in April, saying that its full-year consolidated earnings ‘may differ by more than 30% from the previous financial forecast’ that was made in February. It is expecting an operating loss of ¥470 billion (€3.7 billion) for the year to March 2021.

Renault – impacted by Nissan

French carmaker Renault Group announced a €7.4 billion net loss in the first half of 2020, with the carmaker highlighting the negative impact of alliance partner Nissan’s results.

The contribution of associated companies came to -€4.8 billion, compared with -€35 million in the first half of 2019. ‘This decline came mostly from Nissan’s contribution, down €4.796 billion including -€4.3 billion of impairments and restructuring costs,’ the carmaker said.

Global sales dropped by 34.9%. However, the company stated it had a ‘high-level order book’ at 30 June, and sales of its Zoe electric model were up by 50%, highlighting the appeal of the technology. It is also likely that the generous incentive scheme in France helped the carmaker to increase sales in the period from 1 June.

No reliable guidance

However, Renault is unsure of how it will perform in the rest of 2020. ‘Given the uncertainties around the health situation, both in Europe and in emerging markets, Groupe Renault estimates that it is not in a position to give a reliable guidance for the full year,’ it stated.

Luca de Meo, CEO of Renault, declared: ‘Although the situation is unprecedented, it is not final. Together with all of the Group’s management teams and employees, we are fully dedicated to correcting the situation through a strict discipline that will go beyond reducing our fixed costs. Preparing for the future also means building our development strategy, and we are actively working on this. I have every confidence in the Group’s ability to recover.’

Ford quarter supported by Argo AI

Ford benefited from an investment made in its autonomous subsidiary Argo AI by VW Group, as part of a collaboration deal on driverless and electric-vehicle technology. Without the investment, Ford reported a loss for the second quarter of -$1.9 billion. Including the investment, the firm reported a second-quarter profit of $1.1 billion, up by $1 billion on the similar period in 2019.

Its H1 results reflect the wider picture of the coronavirus impact with six-month losses. For the first half of 2020, the company reported a loss of $900 million – a negative impact of $2.2 billion compared with the same period in 2019. Global sales fell 37% compared to the first six months of 2019.

Ford directed much of its capabilities and resolve in the second quarter to understanding and helping to meet the coronavirus-related needs of customers, dealers, suppliers, healthcare professionals and first responders, and patients and communities. Initiatives like enhanced and new online services, and deferred financing payments on new vehicles in the US, benefitted customers and Ford as commerce stalled, then began to recover. However, with the US yet to emerge from its first wave of coronavirus infections, let alone face a second wave, Ford’s global business may yet be facing deeper challenges in the second half of 2020.

In a follow-up article to be published tomorrow (14 August), Daily Brief editor Phil Curry explores the impact of COVID-19 on the financial performance of BMW, Daimler and Toyota.

August – Latest whitepaper update: How will COVID-19 shape used car markets?

As coronavirus (COVID-19) lockdowns are left behind, thoughts turn to economic recovery. However, as the latest update to the Autovista Group whitepaper ‘How will COVID-19 shape used car markets’ explains, in the last month, the situation has taken a gloomier turn.

Since the production of the previous report, the view of the crisis and its economic impact has darkened. Forecasts have been declining since the pandemic struck Europe, but they seem to not have fully bottomed out, yet.

In our July update of this whitepaper, 10 out of 18 markets assigned the highest risk to scenario three, ‘medium risk: slow u-shaped recovery.’ In this August update, 12 out of 18 markets have moved into this scenario.

Residual value impact

The whitepaper also highlights the impact on residual values (RVs) depending on the most probable scenario and country-specific circumstances.

The majority of countries assign a higher probability to the medium risk scenario 3, which describes a drop in RVs that is more substantial and drags on longer than scenario 2 countries. Towards the end of 2022, used cars will – on average – still trade around 3% lower than in March 2020. But there are substantial country differences in this scenario cluster.

Looking at the data presented, it becomes apparent that Southern Europe may be impacted worst, and will also suffer the longest. The Nordic region has received the most extensive adjustments in this whitepaper update. In Sweden and Finland, there are no government incentives directly supporting the automotive industry.

Three-speed RVs

Autovista Group has developed a COVID-19 tracker, which follows recent RV developments in 12 European markets. The indexed tracker starts in February, with a value of 100. In the UK and France, the tracker shows that the index of RVs has risen since mid-May and peaked at 103.7 (a 3.7% rise) in the UK and 101.8 (a 1.8% rise) in France in the week to 2 August.

Autovista Group anticipates a slowdown in the RV development in France and our latest residual-value outlook calls for prices of used cars to be 0.3% lower in France at the end of 2020 than when the Covid-19 crisis erupted in Europe, in March. Nevertheless, this is the most resilient expectation for all the European markets, according to the whitepaper.

You can find more information about how different markets are recovering, and the economic scenarios they are facing, in the latest update of the Autovista Group whitepaper – ‘How will COVID-19 shape used car markets’ – which can be viewed here.

A golden age for used-car markets?

As the automotive industry starts its recovery following the coronavirus (COVID-19) lockdowns, there is a notion of unexpected recovery visible in some markets. Is this pointing towards a golden age for used-car markets? Christof Engelskirchen, Autovista Group’s chief economist, talks with Anne Lange, head of data science, and Markus Halonen, head of research, statistics & data analysis at Autovista Group, about signs of recovery and the root causes for different market reactions in the used-car market at this time.

Christof: Are we in a phase of the market, where the trends that we see can already be safely interpreted or is it is more affected by external events? I am referring to the massive incentive scheme in France, also for used-car buying, which has pushed RVs up. I am also referring to the weak-British-pound- and supply-shortage-induced lack of new and used cars on the market that meets pent-up demand and lifts prices?

Anne: There are certainly some anomalies affecting current used-car price trends. For example, the French incentive scheme, that subsidises used-car buying and drives RVs up and the UK’s shortage of supply of new and used cars, that also drives RVs up.

There is one emerging trend that may last longer: people may exhibit a financial cautiousness and rather turn to a used-car than a new-car. The lack of available new cars further compounds this. In addition, those that used to rely on public transport may opt for some budget alternatives, thus driving up demand for older used-cars.

Markus: The reason for the decreasing active stock (number of active adverts) is simply that dealers are selling more cars than they are buying in. For example, in Finland and Sweden, the used-car selling volume has been at a high level lately. In June this year, used-car retail sales volumes were higher than in June 2019. High sales but lower than normal inflow of used cars keeps the stock falling. We have some anomalies, like the French used-car incentive scheme, pushing RVs up. Still, even in those countries where schemes are different or non-existent, there are commonalities: used-car sales volume is at a good level, stock is decreasing and prices are increasing. On top of what Anne said, a reason for the currently good demand for used cars is that people are spending less money on vacation and spent less during the lockdown. Patterns of consumption have changed, at least temporarily. Used-car markets are seeing the benefits.

Christof: People ask you many questions around our methodology for publishing used-car price development. How sensitive is our methodology to outliers? How do we control for irregular market conditions? What is the lag in our published values, i.e. how quickly are we capturing trends that may emerge?

Markus: Our methodology is based on market observation data that we source from various portals all across Europe on a daily basis. We control for outliers, data errors and non-actively managed cars. This works reliably.

I am not sure what the background is on the question of controlling irregular market conditions. Irregular market conditions like the COVID-19 pandemic affect used-car prices and that is what we are capturing with our data models. For measurement accuracy, we have implemented rolling values, where past days’ trends are captured as well as the current day’s realities. We put more weight on recent values in the statistical models. There is only a very small lag in how fast we see emerging trends, much smaller than for any economic modelling.

The full interview can be read here. In it, Lange and Halonen discuss the trends emerging for old and young used-cars across Europe, and whether dealer activity has picked up following COVID-19 lockdowns. Their answers are backed up by data showing the emerging patterns of used-car prices and stock levels in the market.

Autovista Group Insights: Improving safety in vehicles

With the safety systems for both vehicle occupants and pedestrians improving, Autovista Group’s Daily Brief team looks at the technology being introduced to help towards Europe’s vision of zero road fatalities by 2050. This includes developments in autonomous technology alongside advanced vehicle systems, and improved crash structures…

You can view more video content from the Daily Brief team on our dedicated YouTube channel. Click here and subscribe to be notified of new content when it becomes available.

German new-car registrations fell 5.4% in July and Spain

German new-car registrations dropped by 5.4% in July, compared with the same month in 2019. A total of 314,938 new cars were registered, according to the latest figures from the automotive authority Kraftfahrt-Bundesamt (KBA).

This is the greatest performance of the German market since the coronavirus (COVID-19) pandemic put sales on lockdown. The government announced a COVID-19 economic recovery package at the start of June. It looks to boost the sales of low- and zero-emission cars while investing in green transport infrastructure. Conversely, petrol- and diesel-powered vehicles did not feature in the package. Incentives were extended since 1 July, supporting registrations.

The country endured declines of 32.2% in June, 49.5% in May and 61.1% in April. However, Germany now lags behind France, Spain and the UK, which saw 3.9%, 1.1%, and 11.3% year-on-year rises respectively in July. Overall, the number of private registrations in Germany rose last month by 7.1% to a share of 41%.

How brands fared

There was a mixed performance among German brands. Double-digit growth was recorded for the likes of Mini at 35.7%, followed by BMW with 17.4%, and Mercedes at 10.7%. Porsche saw single-digit growth of 2.4%. For other brands, however, there were significant decreases in new-car registrations compared with the same month last year. Smart was down 51.6%, Opel dropped by 45.2%, Ford by 22.5%, Audi by 20.8% and VW by 3.3%. At 19%, the VW brand accounted for the largest brand share of new registrations.

Among the imported brands, increases were recorded among Subaru, up 63.9%, Jeep, up 42.2%, and Mitsubishi, up 33.4%. In contrast, declines were recorded for Tesla at 66.6%, Land Rover 39.9%, Jaguar 38.9%, Alfa Romeo 33.6% and Dacia 32.1%. With a new-car registration share of 7% (up 8.3%), Skoda was once again the largest import brand in the monthly balance.

How types fared

Year-on-year registration increases were recorded for motorhomes (94.7%), small cars (9.5%), SUVs (3.1%) and the luxury class (2.7%). The remaining segments recorded declines. Compact MPVs dropped by 49.5%, full-size MPVs were down 39.8%. The segment with the highest share was SUVs with 21.8%, closely followed by the compact class with 21.1%.

Registrations of petrol-powered vehicles fell by 20.3%, with a share of 49% at 154,352 new vehicles. Some 89,543 cars were equipped with diesel-powered engines. After a decline of 18.6%, their market share was 28.4%.

Compared with July 2019, alternative drivetrains showed growth, in some cases in the three-digit range. The number of electric vehicles (EVs) grew by 181.7% to 16,798 new vehicles, bringing their new-car registration share to 5.3%. A total of 52,488 hybrids generated growth of 143.5%, equalling a share of 16.7%. This included 19,119 plug-in hybrids (PHEV), up 484.7% with a share of 6.1%. With 933 new cars and a registration increase of 13.8%, natural gas-powered vehicles achieved a share of 0.3%. By contrast, 784 liquid gas-powered passenger cars recorded a decline of 4.2% with a share of 0.2%. Average CO2 emissions fell by 8.7% to 144.5 g/km.

Business expectations rise

These latest figures support a rise in business expectations by German automotive companies, as revealed by the Ifo Institute’s latest survey. Outlooks improved considerably for the second consecutive month in July, with carmakers also expecting exports to grow. Demand expectations also strengthened somewhat compared to the previous month, alongside production outlook.

However, the institute’s business situation indicator remained negative in July. ‘Headcount developments remain worrying,’ said Klaus Wohlrabe, head of surveys at Ifo. Outlook on personnel planning rose weakly but remained worse than during the 2009 financial crisis.

Incentives generate growth in July new-car registrations in France and Spain

The automotive trade associations in France and Spain report that new-car registrations grew by 3.9% and 1.1% year-on-year respectively in July. Both markets are being stimulated by government-backed incentives, although the scrappage scheme for older cars has already been exhausted in France. Autovista Group senior data journalist Neil King discusses the latest developments.

As Europe continues its emergence from coronavirus (COVID-19) lockdowns, Autovista Group expected that new-car registration figures would continue to improve in July. Thanks to incentive schemes offered by their respective governments to help the automotive market in the wake of the disruption, both France and Spain even recorded positive growth compared to the same month last year.

New-car registrations were 3.9% higher in France in July 2020 than in July 2019, according to the latest data released by the CCFA, the French automotive industry association. This is an improvement on the 1.2% year-on-year growth in new-car registrations in the country in June and the tally of 178,982 registrations is even more impressive as there was one less working day in July 2020 than in July 2019 (22 versus 23). Based on a comparable number of working days, the CCFA reports that the market expanded by 8.6% in the month.

Whereas the incentives introduced on 1 June for new battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) remain, the additional bonus for trading in older cars for cleaner new and used cars was exhausted before the end of July. The scrappage scheme reached its 200,000-vehicle cap after just two months, but the Ministry of Ecological Transition announced it would be replacing the recovery scheme with a conversion bonus. Applicable from 3 August, it will closely resemble one that had been in place several years before coronavirus (COVID-19) struck Europe.

In Spain, 117,929 new cars were registered in July, 1.1% more than in July 2019, according to ANFAC, the Spanish vehicle manufacturers’ association. ‘This boost to sales is having very positive consequences for the recovery of employment throughout the value chain. Dealers already have 90% of their workforce working, around 150,000 employees, and in factories, recovery rates exceed 85%. The Spanish market is especially important for Spanish factories because one in four vehicles manufactured in the country is sold within our borders,’ ANFAC commented.

New-car registrations, France and Spain, year-on-year percentage change, July and year-to-date 2020

Pkw-Neuzulassungen, Frankreich und Spanien, Veränderung gegenüber dem Vorjahr in Prozent, Juli und seit Jahresbeginn 2020

Source: CCFA, ANFAC

Late reopening, MOVES II and RENOVE schemes boost Spain

There was a phased approach to relaxing the lockdown measures in Spain, which largely explains why the new-car market was still weak, even in June. However, dealers can now fully reopen, and the introduction of the MOVES II incentive scheme for new BEVs and PHEVs and the RENOVE scrappage scheme have further stimulated the Spanish market since their introduction in early July.

Under the MOVES II scheme, buyers of new BEVs and PHEVs costing less than €45,000 are entitled to a total subsidy of €5,000 (€4,000 from the government and €1,000 from the manufacturer). Buyers can also receive an additional bonus of €500 if they trade in a car to be scrapped that is over seven years of age.

Cars with other fuel types are not eligible for the MOVES II new-car incentive but can still benefit from the RENOVE scrappage scheme. When scrapping a car over ten years of age, buyers of hybrids, mild-hybrids and CNG or LPG cars costing less than €35,000 receive a bonus up to €2,000 – half provided by the government and half by the manufacturer. For cars with internal combustion engines (ICE) costing less than €35,000 and with CO2 emissions lower than 120g per kilometre, the maximum bonus is €1,600.

Both the MOVES II and RENOVE schemes have been applied retroactively to 1 January 2020, and so both new and young used cars are eligible for the subsidies in order to avoid potential stock problems.

‘The positive registrations of passenger cars in the month of July reflect the significant boost given to the market by the RENOVE 2020 plan, a boost that allows economic activity and employment to be recovered and advances the decarbonisation of the parc by compulsory scrapping,’ commented Noemi Navas, director of communications for ANFAC.

Maintaining mobilisation

The end of the scrappage scheme in France, in conjunction with dissipating pent-up demand, means new-car registrations are unlikely to maintain their positive growth in the coming months. Spain invariably faces the same challenges.

Raúl Morales, communications director of Faconauto, said: ‘From now on, the challenge is to maintain this mobilisation of the market to strengthen the recovery. And the good news is that the RENOVE has room to be more decisive since approximately 20% of registrations have utilised it since it has been operational.’

‘Although with these figures we are seeing a V-shaped recovery, we must be very cautious, and the key will be in September, which is when the impact of the coronavirus crisis will be seen in business. The key to recovery, in a black year also for tourism, will be to get the pact to approve the budgets and to articulate as soon as possible the arrival of the aid approved by Europe,’ cautioned Tania Puche, director of communications of the Spanish trade association Ganvam.

As it stands, Ana Azofra, valuations and insights manager at Autovista Group in Spain, said that the forecast for Spain is still for a 40-45% decline for new cars in 2020 and 20-25% for used cars. How the new plans develop and European funds are allocated will largely dictate the outlook going forward.

Schwacke Insights Juli 2020 – monatliche Kennzahlen im Überblick

Der Juni zeigt weitere Erholungstendenzen von den Shutdown-Monaten und weist mit einem leicht gestiegenen Preisindex in eine gute Richtung. Auch die Besitzumschreibungen haben im letzten Monat ein überraschendes Plus gegenüber dem Vorjahr ausgewiesen.

Zwar ist das hinterlassene Umsatzloch noch groß und die Sorge vor einem Preiskampf im Herbst und Winter längst nicht vom Tisch. Aber Kunden kaufen derzeit und zahlen scheinbar angemessene Preise. Selbst die ohne Corona stark im Abschwung befindlichen Plug-In Hybride und Elektromobile gönnten sich eine Verschnaufpause.

Die ab Juni geltende Innovationsprämie und die mit der Mehrwertsteuersenkung einhergehenden verstärkten Neuwagennachlässe werden das GW-Preisniveau mittelfristig nach unten drücken. Auch bei den Schnelldrehern kehrt langsam Normalität ein, allerdings sind Modelle unter 40 Standtagen immer noch selten.