Europe experiences worst ever car sales in 17 years
Demand for new cars has dropped to a 17 year low in Europe. The recent figures state that the year 2012 was worst year for auto manufacturers across European Union since 1995.
Idnes says, figures released by European Automobile Manufacturers’ Association stated that December new car registrations declined by 16.3% in the EU carrying forward a downward trend being experience in the past 15 months. A total of 12.05 million new cars were registered across the EU’s 27 member states, out of which only 799,407 were sold in December 2012. This has led to over capacity, while the region is bogged down by economic uncertainties and stagnating wages which has prevented people from investing in new cars.
Germany, the world’s largest car producers, saw a 2.9% fall in sales as compared to 2011 while Italy, France and Spain also suffered decline in automobile sales to the tune of 19.9 percent, 13.9 percent and 13.4 percent respectively.