Wednesday 4 August 2010

Car sales free-fall across Europe (EU)

New car sales in Italy, Spain and France plunged radically in July as Government scrappage schemes have slowly been phased out.

In Italy, car sales were down nearly 26%, totalling 152,752 units. Domestic car firm Fiat was hit hard, as the brand saw a 35.8% drop for July in year-on-year sales. Fiat's market share dipped below 30% in Italy for the first time in 5 years.

Spanish car sales were down to 82,167 units in July, a 24% dive compared to July of 2009. This is probably due to Spain bringing in a VAT tax increase on 1st July. ANFAC, the automakers' association in Spain, warned that sales may drop up to 30% for the second half of the year as Government funding for new cars have been axed.

French car sales fell by 12.9% in July to 169,804 units, compared to a year earlier. Sales for the region are expected to stay below 2009 levels for the remainder of the year, as European Governments start bringing in strict measures to improve their countries financially.

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