Car sales in the European Union fell to a new low in February,
the European automobile manufacturers' association ACEA said
Tuesday, adding to a string of consecutive declines in a region
plagued by over-capacity and weak consumer sentiment.
"In February new car registrations pursued the downward trend
commenced in October 2011, reaching their lowest level with less
than 800,000 units," the ACEA said.
Registrations of new cars, a proxy for sales in the E.U.,
excluding Malta, fell 10.5% in February from a year earlier to
795,482 vehicles. During the first two months of 2013, demand was
down 9.5% on the year.
The U.K. was the only key market showing higher demand, with
registrations up 7.9% from February 2012. New registrations in
Germany slumped nearly 11% in February, and were down 12% in
France, 9.8% in Spain, and skidded 17% on the year in Italy.
Volkswagen AG (VOW.XE), the region's largest automaker by sales,
posted a 7.2% decline in European and European Free Trade Area
countries during the month, while registrations at the
second-largest, PSA Peugeot-Citroen (UG.FR), fell a good 13%.
GM Group (GM) which is planning to close an assembly line in
Bochum, Germany, in 2016, posted a February decline of 20% from the
year-earlier month. Other car manufacturers in Germany fared
relatively better, with Daimler AG's (DAI.XE) 1.7% decline on the
year, and BMW AG's (BMW.XE) 2.8% fall.
Write to Monica Houston-Waesch at nikki.houston@dowjones.com
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