Standard Profil - comment

European Automotive sales in March are headline-grabbing but are flattered by the war and semiconductor-impacted March 2022 comparisons. However, it is the comparison to March 2021 that is more relevant, with the current passenger car registrations on par with March 2021. (1,063k in March 2021, 844k in March 2022 and 1,087k in March 2023). 

This has limited impact for Standard Profil as the car registration numbers are backward looking.  Standard Profil are more impacted by production levels (actual and guidance) both in Europe and increasingly America and China. We continue to see positive comments from the OEMS on production guidance for FY23 with VW expecting 10-15% higher sales than the prior year based on assumptions that the shortages in semiconductors and commodities become less intense.