Credits: Oliver Sachgau, Bloomberg
The exact shape of a potential recovery is still unclear as automakers from Volkswagen Group to Fiat Chrysler Automobiles prepare to announce results for what likely will be a devastating second quarter.
In the U.S., Ford forecast a $5 billion loss for the three months through June.
Despite the rebound, European sales through May have dropped 43 percent, in a sign that a recovery will take some time.
All European countries showed double-digit percentage drops last month, though some did better than others.
Germany’s May registrations declined 50 percent, a figure matched in France and Italy. In Spain sales plunged 73 percent, while the UK they fell 89 percent.
Meanwhile, companies are cutting costs wherever possible. Renault announced in May it would reduce staff levels worldwide, while the transmission and technology supplier ZF Friedrichshafen is reported to plan to cut as many as 15,000 jobs.
European governments are trying to prop up demand with stimulus programs, though not all are targeted directly at the automotive industry.
* Download PDF here for European registrations in May
Germany has unveiled a 130 billion euro ($147 billion) package focused on a value-added tax reduction and electric car subsidies, leaving out broader car-buying incentives demanded by the industry. France has announced plans to offer some of the most generous incentives of any country to buy an EV.
Europe sales show first signs of rebound in May