Brucelee
07-03-2008, 16:08
New-Car Registrations
Tumble in Europe
July 2, 2008
Deteriorating economic conditions and high oil prices cut into June car registrations in Spain and Italy -- but French car makers fared better, as consumers registered slightly more cars in June than they did in June 2007.
Spain's registrations tumbled 31%, punctuating the slowing growth in that country. Annual growth in Spain's gross domestic product slowed sharply to 2.7% in the first quarter, from 3.5% in the fourth quarter, as a decadelong construction boom turned to bust.
In a release, Spanish car manufacturers' association Anfac said 114,958 cars were registered in June, down from 166,218 a year earlier. Car registrations are used as an indicator for car sales.
"The slowdown and deterioration of the economic environment is reflected in a marked drop in private consumption, a sharp rise in inflation, rising unemployment and tighter credit conditions," Anfac said in a press release Tuesday. "The car market is severely affected."
Italian new-car registrations dropped 19.5% to 184,275 vehicles. Analysts attributed the decline to increasing oil prices and a weaker economy weighing on consumer spending.
Fiat Group Automobiles SpA brands -- Fiat, Alfa Romeo and Lancia -- had a 32.7% market share of new-car registrations in June, in line with the May result.
Registrations of new cars in France edged up 2.1% to 265,616 in June, according to the latest provisional figures. Both of PSA Peugot Citroën's brands recorded increases. Citroën scored the largest rise in France -- 7.4% -- while Peugeot reported the smallest increase -- 1.6%. French car maker Renault SA's registrations rose 2.9%.
Separately, Japan's domestic sales of new cars, trucks and buses fell 3.6% on the year in June, declining for a second straight month, an industry body said Tuesday.
Sales in June totaled 281,261 vehicles, the Japan Automobile Dealers' Association said.
In the first six months, auto sales in Japan were down 0.9% at 1.77 million vehicles, the third
Tumble in Europe
July 2, 2008
Deteriorating economic conditions and high oil prices cut into June car registrations in Spain and Italy -- but French car makers fared better, as consumers registered slightly more cars in June than they did in June 2007.
Spain's registrations tumbled 31%, punctuating the slowing growth in that country. Annual growth in Spain's gross domestic product slowed sharply to 2.7% in the first quarter, from 3.5% in the fourth quarter, as a decadelong construction boom turned to bust.
In a release, Spanish car manufacturers' association Anfac said 114,958 cars were registered in June, down from 166,218 a year earlier. Car registrations are used as an indicator for car sales.
"The slowdown and deterioration of the economic environment is reflected in a marked drop in private consumption, a sharp rise in inflation, rising unemployment and tighter credit conditions," Anfac said in a press release Tuesday. "The car market is severely affected."
Italian new-car registrations dropped 19.5% to 184,275 vehicles. Analysts attributed the decline to increasing oil prices and a weaker economy weighing on consumer spending.
Fiat Group Automobiles SpA brands -- Fiat, Alfa Romeo and Lancia -- had a 32.7% market share of new-car registrations in June, in line with the May result.
Registrations of new cars in France edged up 2.1% to 265,616 in June, according to the latest provisional figures. Both of PSA Peugot Citroën's brands recorded increases. Citroën scored the largest rise in France -- 7.4% -- while Peugeot reported the smallest increase -- 1.6%. French car maker Renault SA's registrations rose 2.9%.
Separately, Japan's domestic sales of new cars, trucks and buses fell 3.6% on the year in June, declining for a second straight month, an industry body said Tuesday.
Sales in June totaled 281,261 vehicles, the Japan Automobile Dealers' Association said.
In the first six months, auto sales in Japan were down 0.9% at 1.77 million vehicles, the third