09:56 20 June 2013
Car sales in Europe are down by 5.8per cent for the first three months of the year. The industry was hard-hit by the ongoing recession in the Eurozone as consumers reportedly put off buying expensive items like cars.
Germany, the strongest country in Europe, saw its car sales dropped by 9.9per cent compared last year. Italy and France saw 8per cent and 10.4per cent, respectively.
Big name brands, which include Ford, General Motors, PSA Peugeot-Citroen, and Fiat, registered two digit declines in May. Volkswagen Group, on the other hand, saw sales drop by 2.8per cent.
IHS Automotive analyst Carlos da Silva, believe that the situation in the industry is establishing despite weak results. He said: “After five months, the situation remains tense. Yet, for the second month in a row the rate of decline is slowing down. This means that sales are stabilising trend-wise.”
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