During the first three quarters of 2022, the EU passenger car market contracted by 9.9% to 6,784,090 units, despite positive results recorded in the last two months. This was reflected in most countries’ performance, with all the region’s major markets facing losses over this nine-month period. Italy saw the steepest decline (-16.3%), followed by France ( 11.8%), Germany (-7.4%) and Spain (-7.4%), according to ACEA. This is an economic calamity because 12.7 million Europeans work in the auto industry, directly or indirectly, comprising 6.6% of all EU jobs. Moreover, 11.5% of EU manufacturing jobs, ~3.5 million, are in the automotive sector. Motor vehicles are responsible for €398.4 billion of tax revenue for governments within key European markets.