Europe: New car registrations down 3.5 percent in the Eurozone in November image

In the Eurozone area, new car sales continued to decline, falling by 3.5% to 1,030,414 units in November, the Association of European Automobile Builders (ACEA) reported on Friday.

This followed a 1.8 percent decline in October and a 0.7 percent increase in September.

Eleven months into the year, a total of 12,157,119 million new registrations was recorded, or 1.4% less compared to the period January-November 2010.

Germany was the only major market to post growth with an annual increase of 2.6 percent. But dragging down the total European number were car markets at the center of the 17-member Eurozone’s debt crisis, which posted big falls last month including a 6.4-per-cent decline in Spain and a 9.2-per-cent drop in Italy.
In addition, sales in the United Kingdom declined 4.2 percent.

“This minus figure will only get worse in the coming months,” said Hans-Peter Wodniok, a Kronberg, Germany-based analyst at Fairesearch GmbH who recommends buying Peugeot and selling Fiat.

J.D. Power estimates that industry wide car sales in western Europe will fall to 12.6 million vehicles in 2012 from the 12.8 million deliveries anticipated this year and the 13 million posted in 2010.