Core Insights - The overall sales in Western Europe showed a 1.4% YoY growth to 865k units, but France's significant contraction negatively impacted regional growth [1] - The forecast for Western European PV sales in 2026 is cautious, expecting sales to remain broadly flat due to inflationary pressures from recent developments in Iran [1] Group 1: Market Performance - Italy experienced the strongest growth among the five largest Western European markets, attributed to MASE incentives and easing inflation [2] - France's market saw a nearly 15% YoY decline, continuing a slowdown that has affected the French PV market since mid-2024 [2] - The UK PV market accelerated over 7% YoY to 90k units, marking February's best result in 22 years, driven by strong private buyer uptake and hybrid vehicle demand [6] - The Spanish PV market sold 97k units, up 7.5% YoY, with robust EV sales contributing significantly to its strong performance [7] Group 2: Sales Data and Trends - Year-to-date (YTD) sales in France for the first two months of 2026 stand at 228k units, down 11% from the same period in 2025 [5] - The monthly selling rate in France improved by 1.7% MoM to 1.53 million units, but remains low for a key European market [5] - The UK YTD sales reached 234k units, up 4.8% from the same period in 2025 [6] - In Spain, YTD sales for the first two months of 2026 are at 170k units, up 4.6% from the same period in 2025 [7] Group 3: Future Outlook - The forecast for 2026 indicates a slight growth of 0.2% in the PV market, following a 1.8% growth in 2025 and a flat outlook for 2024 [4]

Core Insights - The global light vehicle market showed mixed performance in November, with various regions experiencing different trends in sales and selling rates [4][5]. Western Europe - The Western Europe light vehicle market remained broadly flat in November, with sales reaching 1.09 million units and a selling rate of 14.4 million units/year [1]. - Year-to-date sales stand at 12.2 million units, reflecting a slight increase of 0.1% year-on-year [1]. - Spain emerged as the strongest market, while Germany showed modest growth, contrasting with flat or weak results in France, Italy, and the UK [1]. Canada - Canadian light vehicle sales totaled an estimated 140,000 units in November, down by 6.2% year-on-year, with a selling rate of 1.79 million units/year [2]. - The decline in sales is attributed to increasing monthly loan payments, indicating cost pressures on buyers [2]. Mexico - In Mexico, sales decreased by 1.3% year-on-year to 155,000 units, but the selling rate improved to 1.71 million units/year from 1.63 million units/year in October [2]. United States - US light vehicle sales fell by 5.8% year-on-year in November to 1.29 million units, with an annualized selling rate of 15.8 million units/year [3]. - The decline was influenced by the removal of EV tax credits and economic concerns, although the market performed relatively well under the circumstances [3]. - Average transaction prices were $46,205, down by $207 month-on-month, but up by 2.0% year-on-year [3]. Global Overview - The global light vehicle selling rate remained strong at 95 million units/year, slightly below October's result, with total sales of 8.1 million units globally, reflecting a 2% year-on-year decline [5]. - Year-to-date sales reached 83.6 million vehicles, up 4% from the same period in 2024 [5]. Eastern Europe - The light vehicle selling rate in Eastern Europe was consistent with October's result at 5.0 million units/year [6]. - Russia's market cooled with a 17% month-on-month decline but was still up 0.8% year-on-year [6]. - Turkey's market grew for the ninth consecutive month, with sales totaling 105,000 units in November, and year-to-date sales up 11% from 2024 [6]. China - The Chinese passenger vehicle market fell 6.4% year-on-year, although the selling rate remains strong [7]. - The market is expected to maintain a strong selling rate in December, capping a year of impressive growth [7][8]. Japan - Japanese light vehicle sales dropped 5.2% year-on-year to 367,000 units, marking five consecutive months of decline [9]. - The market's recovery is hindered by lower consumer spending due to higher financing repayment rates [9]. South Korea - Korean light vehicle sales edged up 0.5% year-on-year to 146,000 units in November, with a selling rate of 1.75 million units/year [10]. South America - Brazilian light vehicle sales totaled 227,000 units in November, down by 5.4% year-on-year, but the selling rate increased to 2.84 million units/year [11]. - In Argentina, sales totaled 32,900 units, down by 3.4% year-on-year, marking the first decline since July 2024 [12].