Auto buying declines in Europe
Source: Bloomberg News |
March 16, 2012, Friday
|
Print Edition
Print Edition
EUROPEAN car sales dropped the most in more than a year, led by Renault SA and PSA Peugeot Citroen as consumers shied away from purchases amid a weak economy.
Registrations in February fell 9.2 percent annually to 923,381 million vehicles, the fifth consecutive monthly decline, Brussels-based European Automobile Manufacturers' Association, or ACEA, said yesterday in a statement. The decline was the steepest since a 16 percent drop in October 2010. Two-month sales fell 7.8 percent to 1.93 million vehicles, the association said.
Sales in France, Europe's second-biggest market after Germany, sank 20 percent, while deliveries in Italy, its third-biggest, plunged 19 percent.
Toyota Motor Corp and Bayerische Motoren Werke AG are predicting a contraction of about 5 percent in Europe this year, the fifth straight annual decline, as the sovereign-debt crisis prompts consumers to rein in spending.
"The French manufacturers are struggling because the French economy is weaker than it was a year ago, and Fiat is being hit by the very weak Italian market," said Jonathon Poskitt, head of European sales forecasting at LMC Automotive in Oxford.
Registrations in February fell 9.2 percent annually to 923,381 million vehicles, the fifth consecutive monthly decline, Brussels-based European Automobile Manufacturers' Association, or ACEA, said yesterday in a statement. The decline was the steepest since a 16 percent drop in October 2010. Two-month sales fell 7.8 percent to 1.93 million vehicles, the association said.
Sales in France, Europe's second-biggest market after Germany, sank 20 percent, while deliveries in Italy, its third-biggest, plunged 19 percent.
Toyota Motor Corp and Bayerische Motoren Werke AG are predicting a contraction of about 5 percent in Europe this year, the fifth straight annual decline, as the sovereign-debt crisis prompts consumers to rein in spending.
"The French manufacturers are struggling because the French economy is weaker than it was a year ago, and Fiat is being hit by the very weak Italian market," said Jonathon Poskitt, head of European sales forecasting at LMC Automotive in Oxford.
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