MILAN (Reuters) – Europe’s car market shrank a further 10.2 percent in February, with sales of new vehicles falling to 829,359, according to figures from the Association of European Car Manufacturers (ACEA).
Sales hit a 17-year low in 2012 and this year is shaping up to be another tough slog for mass-market carmakers as consumers in recession-hit European economies continue to postpone purchases.
Ford and GM sales both fell by 20% in Europe.
But, this is interesting. Three auto manufacturers managed to gain.
Only three brands managed to add sales in February. Korea’s Hyundai, usually a bright spot, eked out a 1.4 percent gain. Mazda rose 13.1 percent and Honda 27 percent.