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European recovery is still a troubled affair

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European recovery is still a troubled affair

While new car sales in the Western part of Europe overall grew by around 5 last month, according to forecaster and analyst LMC Automotive, the seasonally adjusted annualized rate (SAAR) actually went down from its April tally.

The Spanish – which recently announced its sixth program for government support – German and UK markets were the main drivers of the growth – with the latter having its 27th monthly increase, a record for the longest continuous increase.

“We continue to forecast that the market will reach 12 million units for the full year as economic growth and consumer confidence continue to head in the right direction, but the road to recovery remains a bumpy one,” said LMC analyst Jonathon Poskitt.

The German market saw a rise, but there are mixed impressions here, as May benefited from an extra selling day as opposed to last year – when the month also had uninspiring sales.

On the other hand, Spain had again the best performance – with a 17% rise in May and an overall growth for the year up16% – buoyed by the continuous vehicle scrappage scheme.

Italy has seen a drop in May, going down 4% last month, although the predictions are still positive for the full year – with a SAAR of plus 3% to 1.4 million vehicles in 2014. The French market continues to remain level, as the May sales remained the same from the ones tallied last year and the seasonally adjusted figures could see a 1% decrease for the full year total.

Via Automotive News Europe

by Aurel Niculescu (my Google+) - Monday, June 9th, 2014 - filed under Industry, News. Image credit: .
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