Although in October auto sales in Europe shrank at a slower pace compared to other months, almost all automakers reported double digit losses.
In the EU, new car registrations in October fell 4.8% to 1 million vehicles according to industry group ACEA. Although October saw the second smallest decline in a year, automakers such as GM, Renault ad Peugeot, reported double digit losses, still struggling to cut costs and increase consumer confidence to be able to survive on the crisis affected continent.
Even Germany’s VW, Europe’s best-selling brand, reported a 0.5% drop to 127,793 vehicles. During the first ten 10 months of the year car sales dropped 7.3% to 10,327,276 million vehicles, the worst hit markets being Portugal, Italy and Greece. The UK remained the only major market to report an increase last month, with sales up 12.1%.
Europe’s second best-selling automaker, Ford, reported sales down 8.3% to 72,330 cars, while Europe’s third automaker, GM’s Opel, fell 12.8% to 57,758 vehicles. Peugeot managed to regain its position as France’s best-selling automaker, although reporting a 4.5% drop to 63,997 cars, while Renault’s sales were down 25.5% to 63,690 vehicles. In France sales fell 7.8%, in Italy 12.4% and in Spain 21.7%.