Expected slump is as bad as many expected
San Francisco, CA -- (SBWIRE) -- 02/22/2013 -- Ford, PSA Peugeot, Citroen, and Toyota all led the European car sales, while the sector hit a new low in January. The sector saw a 8.5% decline, according to the Association of European Automakers.
The total registrations fell to 918,280 for new cars, while the Brussels-based industry body stated that it was the slowest January since the records had begun to be taken in 1990.
Ford, which is now cutting back in its European production capacity with their three plant closure to stem the regional losses recently felt, saw a 26% drop in sales. Peugeot and Toyota both had their largest declines, and the only trailed Ford with 16% being lost apiece.
The slide has confirmed the expected “weak start to 2013”, says Credit Suisse analysts. "Hopes of an earnings and cash recovery in the second half are misplaced."
After falling to a nearly two-decade low in 2012, the European car demand is expected to fall further throughout the 2013 fiscal year. Many car-makers see the regional market shrinking between 3% and 5% in 2013.
Germany is now one of the largest countries that is taking serious consideration to the outlook of the market. They have resisted much of the year's slump, but the largest car market still felt a sharp decline of 8.6% in January. Despite the weak demand, Volkswagen increased its European share outside of its home country. Its registration fell only 5.5%, and with all things considered, that is not a terrible mark. The Audi fell but 2.1% overall.
Its two German luxury rivals have proved resilient as well, with BMW rising 9.4% and Daimler Mercedes-Benz gaining 4.7% overall.
Sales by Renault's low-cost Dacia saw a rise of 8.5%, with the groups overall decline of 6.1% all told.
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