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.
Germany continues to outperform markets such as France and Italy, where car registrations tumbled 12 percent and 17 percent respectively in February. German car sales fell 2.9 percent in 2012, including a 16 percent drop in December.
Gee Who Coulda Thunk?
"Until recently, industry executives have been penciling in a decline of around 3-5 percent."
TownhallFinance.com makes available to the viewer a variety of independent sources that offer trading and investment advice and related services and products.
TownhallFinance.com does not itself offer, verify, sponsor, or promote, directly or indirectly, any investment or trading advice, or information or any product or service offered by these independent sources.
Every investor or trader should consider all advice and all offerings of products and services on their own merits and for suitability to the individual's personal needs and circumstances. Before using this site, please read our complete Terms of Service by clicking here.
Make TownhallFinance.com your premier source for stock market and financial market information. Individual investors enjoy our worldwide investor seminars and trading seminars. Our investment advisor seminars keep financial advisors up to data with CEUs, and this site provides investors, traders, and advisors with the latest stock market analysis tips, information and research tools. Be sure to be a part of our options day trading tips and picks from professional day traders and various trading, investing and advisor Webcasts and financial podcasts.