Italy’s new car sales in October fell 5.5% from the same month last year to 132,703 vehicles from 140.418 vehicles, the Italian transportation department said.
Fiat sales fell 2.9 percent on the year.
In addition, used car sales fell 7.22 percent to 376,080 vehicles from 405,331.
The overall volume of sales: 508,783 vehicles: 26.08 percent new cars / 73.92 percent used cars.
UNRAE – the Italian foreign carmakers’ association said car orders in October fell almost 13 percent to their lowest levels on record, pointing to gloomy times ahead.
Italy has more than 1.9 trillion euros in debt outstanding; this is the third-largest bond market in the world.
The fate of Italy is crucial to the wider 17-nation Eurozone because it is the third-largest economy in Europe and would be too expensive to bail out if its borrowing rates rose so high as to block it out of bond markets.
Italy’s 10-year bond yield rose to a new euro-era record on Thursday. That’s now close to the 7 percent level that drove Greece, Portugal and Ireland to seek bailouts.