Sales of new cars in Europe should start to recover in 2023 despite the broader economic uncertainty, with an increase expected of 5% to reach 9.8 million vehicles, the European Automobile Manufacturers Association (ACEA) said on Tuesday.

Luca De Meo, president of the car industry body and CEO of Renault (RENA.PA), said during a news conference that only 5% of the raw materials needed for battery production would be sourced in Europe by 2030.

He added that this posed some risks as the costs of raw material were something the industry could not control.