Germany: July 2011 car registrations up 10 percent image

In July, German new car registrations were up 10 percent compared to last July, VDA – the German Association of the Automotive Industry announced on Tuesday.

For the year so far, total registrations in Germany also rose 10 percent to 1.88 million.

German automakers exported 345,500 cars last month. Between January and July, they exported nearly 2.64 million vehicles — a gain of 6 per cent.

Germany’s top luxury-car makers are ramping up production to satisfy growing demand in China and rebounding spending in the U.S. Mercedes is building a factory in Hungary and expanding a plant in Alabama, while Audi has added production in Spain.

BMW net profit figure released Tuesday compares to euro834 million a year ago and easily beat the euro1.475 billion average estimate from analysts surveyed by FactSet.

Mercedes overall net profit was up a higher than expected 30 percent at euro1.7 billion ($2.5 billion) from euro1.3 billion a year ago, while revenues rose 5 percent to euro26.3 billion.

In Germany, the Federal Labor Agency said the unadjusted jobless rate climbed by 0.1 percentage point in July, with 2.939 million people registered as unemployed. That was 46,000 more than in June but 247,000 lower than July of last year.