Consumer spending on all types of car in France dropped significantly in 2020, especially in the first eight months of the year. The Comité des Construceurs Français d’Automobiles (CCFA), for example, reported a sharp decline in the demand for cars from January to August 2020 inclusive.
In June 2020, the French President announced an EUR8.8 billion aid package for the auto industry to support its recovery from the COVID-19 pandemic.
The French government’s support of hybrid and electric cars has benefitted sales of Tesla and Fisker cars in France. Both American companies have made important in-roads in the premium and luxury cars category in France, with Tesla charging stations available in cities and on highways around France.
Despite a decline in sales in 2020, premium and luxury cars is seeing signs of an eventual recovery in the forecast period, with new car registrations already posting notable growth in the second half of 2020. Manufacturers in premium and luxury cars are prepared to meet this rising demand, with manufacturers reporting minimal disruptions to the supply chain, and in some cases a surplus in supply.
France is expected to see the recovery of premium and luxury cars in the forecast period, however, demand for products in this category will continue to be restricted by the preference for small, economical cars in France. This trend is expected to continue over the course of the forecast period.
The French government is expected to announce further measures and tax increases in the forecast period which will have a considerable impact on sales of premium and luxury cars in France in the coming years. The French government is debating a bill to raise taxes once more on vehicles with high CO2 emissions, which includes a number of products in premium and luxury cars.
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