MISH’S Global Economic Trend Analysis
European bulls lauding the message “the worst is behind” received another dose of reality today. Data shows German car sales plunge as Europe’s auto crisis deepens.
New car
sales in Germany fell by more than 10 percent year-on-year in February,
signaling the crisis for Europe’s auto makers is deepening as
recession-hit consumers curb spending. New car sales in the region
dropped to a 17-year low in 2012.
Speaking ahead of the
industry meeting in Geneva, the sales chief of General Motors’ (GM.N)
Opel brand said car sales for the whole of Europe might fall by as much
as 10 percent this year.
Until
recently, industry executives have been penciling in a decline of
around 3-5 percent for Europe’s car market in 2013. The market shrank
7.8 percent last year.
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