If estimates of the European Automobile Manufacturers' Association are to be believed then there are possibilities of citing a down of 10% in the European Union's auto market this year.
Experts explain that the reason behind their forecast is the continuity in the euro zone sovereign debt crisis, which is terribly hitting the demand of the product. The ACEA's unexpected forecast followed the statements of the trade body, in which they revealed about the fall of 8.9% in the new car registrations for sales noticed in the month of August as compared to the figures of a year earlier.
The reports from the trade body further added about the slump in Europe's car market, which they said has deepened and stretched into its 11th consecutive month.
According to the latest monthly figures, a 7.8% decline was noticed in new registrations in July, which left the market at 7.1% decline for the first eight months of the year.
Unfortunately, the number of new cars registered in the month of August stood at only 688,168 vehicles, which has been reported as the lowest for the month since ACEA began collecting EU data in 1990. "ACEA does expect the situation [this year] to be worse than originally forecast", spokeswoman Ms. Cara McLaughlin said.
Today's popular content
- Repsol board sanctions dividend cut
- Spain’s King Gives his Luxury Yacht to the Government
- Export-parity pricing will wipe off refiners’ profitability: analysts
- Queen of Spain to Sue Dating Site over Using Her Image in Offensive Way
- Vodafone records 4.2 per cent fall in organic service revenue
- Dutch Sociologist Saskia Sassen's Awarded Spain's Prince of Asturias Social Sciences Prize
- Repsol’s Board meeting on Jan 15 to vote on Brufau
- Thalidomide Victims Sue Manufacturer Company of Drug for Allegedly Selling Drug in Spain for Six-Months after Ban
- Inaugural Great Ball Run to be Held in Northern Virginia this Summer
- Sister Teresa Forcades Opposes Excesses of Capitalism