European Car Sales Drop to Two-Decade Low

Despite a 19 percent gain recorded back in April, the European car market registered a new fall, with June sales dropping to a two-decade low.
Ford 1 photo
According to Bloomberg, there were 1.18 million cars registered last month, which translates into a 6.3-percent decline compared to the same month in 2012. In short, June sales, as well as half-year sales of 6.44 million vehicles, haven’t been this bad since 1993.

Although April results were seen as a sign of potential recovery, June sales have prompted analysts to make new gloomy forecasts.

“It’s still a weak car market, and I don’t think that it will get better in the very near future,” said Sascha Gommel, a Frankfurt-based analyst at Commerzbank AG. “I wouldn’t expect a recovery in the second half, but rather a stabilization at a low level.”

Story via Bloomberg


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