European car sales will start recovering in 2023 despite economic uncertainty -ACEA

Rush hour car traffic fills the highway in Paris suburb
Commuters drive during rush hour on the highway in Paris suburb, France, September 8, 2021. REUTERS/Eric Gaillard

BRUSSELS, Jan 31 (Reuters) - Sales of new cars in Europe should start to recover in 2023 despite the broader economic uncertainty, with an increase expected of 5% to reach 9.8 million vehicles, the European Automobile Manufacturers Association (ACEA) said on Tuesday.

Luca De Meo, president of the car industry body and CEO of Renault (RENA.PA), said during a news conference that only 5% of the raw materials needed for battery production would be sourced in Europe by 2030.

He added that this posed some risks as the costs of raw material were something the industry could not control.

Reporting by Marine Strauss and Gilles Guillaume: Writing by Benoit Van Overstraeten; Editing by Sudip Kar-Gupta

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