After we report that US Car sales fell in September by 23% ( J.D. Power Automotive Forecasting announced that new-car sales in western Europe fell by 9.2 percent to 1.21 million units in September. ( If we take the Year – to – date report, we have a fell by -4.9% compared with 2007 )
J.D. Power Automotive Forecasting: “The car market has now moved to a position which can only be framed in terms of past serious recessions, such as that in the early 1990s.”
If we make a “top 3″ of most affected countries we have: Ireland with a huge decrease by 61.7%, Spain with -32.2% and UK with -21.2%.
In the same time, we have: Austria with a plus by 16.1%, France with +8.4% and Luxembourg with +6.6%. Anyway, the total is negative, with is a bad news. Looks like the global crisis, witch was started by United States with the collapse of financial system, affects Europe too. And most worst is that this is only the beginning.
J.D. Power said the 30 percent decline in Spain was only a little lower than August, perhaps hinting that the market is finding its new lower level at just under 1 million units a year.