Auto sales in Europe dropped in August, taking deliveries so far this year to the lowest level since 1990, due to record unemployment levels.
Registrations in August fell 4.9% to 686,957 units from 722,458 units during the same month last year, according to ACEA. Sales during the first eight months of the year fell 5.2% to 8.14 million vehicles. The high unemployment level in Europe, which was 12.1% in July, made auto industry leaders keep their predictions of a sixth straight year of declines in 2013.
“We’re still in red territory,” Florent Couvreur, a Paris-based analyst at CM-CIC Securities, said by phone. “When people say we’ve reached the bottom, I say, ‘watch out,’ because the market is still decreasing. The drop is a little less steep, but we’re still falling because of the bad macroeconomic environment.”
VW dropped 1.3% to 180.70 euro, Peugeot fell 2.9% to 12.28 euro and Fiat slid 1.1% to 6.07 euro. In July the auto market in Europe increased 4.9% to 1.02 million units, the second growth in 19 years after an 1.7% jump in April.
Western European deliveries dropped 5.3% to 632,825 units last month, with sales in Germany falling 5.5% to 214,044 vehicles, from a 2.1% jump in July. Deliveries in the UK, which is the second biggest market in the region, increased 11% to 65,937 units in August.
by Ana Cezara Savin
) - Tuesday, September 17th, 2013 - filed under News
, Sales Reports
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