European Car Sales Drop To 20-Year Low, Germany Clobbered

zerohedge.com / By Tyler Durden / June 18, 2013, 07:54 -0400
When the S&P, always so conveniently ahead of the curve, yesterday revised its forecast for Europefrom growth in the second half of 2013 to 2014 one couldn’t help but golf clap, as well as wonder if they finally started looking at the fundamental depressionary reality on the ground instead of the rating agency’s infamous “models.” A depressionary reality confirmed by the latest car sales number for May which just hit a fresh 20 year low.
From AP:

European car sales hit their lowest level for the month of May in 20 years as the region’s recession dragged on, the European automakers’ association said Tuesday.

They meant depression instead of recession, but it’s an honest mistake.

Passenger car sale demand for May dropped by 5.9 percent on the same month last year in the 27-country European Union to 1.042 million units, the lowest level since May 1993, when sales dropped below 1 million, according to new figures released by ACEA. For the first five months of the year, sales dropped 6.8 percent to 5.07 million.

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