The region’s overall new car registrations grew at the slowest rate over the last 12 months in November, signaling that the feeble European recovery has been overshadowed by the faltering economic increase prospects in most countries.
The tensions surrounding the economies or the political climate have again discouraged customers from making big item purchases, further deepening the already raging discount war between automakers. According to a statement from the Brussels-based European Automobile Manufacturers’ Association, or ACEA, deliveries edged up 1.2% to 989,457 units in November, climbing from 977,607 vehicles tallied in the same period of 2013.
So far, the eleven month total has gone up 5.5% to 12 million autos and analysts expect the full year to close with a more than 5% climb overall. That’s higher than what was forecasted when 2014 began, but in recent months the slowdown in the European economies have shaved off the gains and put a dent on the region’s recovery from the six-year slump that led to a two-decade low in 2013 in the aftermath of the 2008 economic crisis.
For the top ten European carmakers, Yokohama, Japan-based Nissan and Munich-based BMW led the growth inn November. When it comes to the five largest markets on the continent, three of them – the UK (up 8%), Italy (up 5%) and Spain (jumping 17%) – expanded, but demand recessed 1.8% in Germany and a further 2.7% in France.