European automaker stocks rose Friday after industry data showed strong growth in passenger car registrations during May, amid a broad market expansion, although sales in the U.K. fell sharply during the month.
The European Automobile Manufacturers Association said total car registrations rose 7.7% in the EU and European Free Trade Area during May, with double digit gains for some countries, although the U.K. extended its recent slide with an 8.5% fall in registrations for the month.
Germany, Spain, France and Italy all posted decent gains, ranging between 8.2% and 12.9%, while Ireland, Greece and Cyprus all saw a fall in registrations.
The world's largest maker of luxury cars, Daimler, led the pack of European manufacturers after posting 14% growth in registrations and adding 40 basis points to its market share.
Its stock was up 0.17% during early trading in Frankfurt, to €65.33, although underperforming the 0.83% rise in the Stoxx Europe 600 Auto & Parts index.
Shares of Renault were up by 1.9%, to change hands at €83.59, after the French firm grew volumes by 10.4% and added 30 basis points to its market share.
Fiat Chrysler stock added 0.5% to €9.64 during early trading after the Italian-American firm came near to the top of the table with an 11.9% increase in registrations and a 30 basis point rise in market share.
BMW (BMWYY) posted the slowest growth among major European automakers after May registrations rose by just 2.6%, while it gave up around 30 basis points of market share.
Shares of BMW rose by 0.60% to 83.95, also underperforming the gain seen in the Stoxx Europe Auto index, reducing the luxury carmaker's year to date loss to 5.4%.
American auto giant Ford (F) saw registrations rise 4.1% although it too lost around 30 basis points of market share.
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