European Car Market Skids 4.9% In May; Incentives Cushion Fall
16 Juni 2009 - 8:45AM
Dow Jones News
European new-car registrations last month skidded by 4.9%
year-on-year, but Germany's Volkswagen AG (VOW.XE) and Italy's Fiat
SpA (F.MI) saw demand rise as scrapping incentives fueled sales of
smaller cars.
New-car registrations in Europe dipped to 1.27 million vehicles
in May, the 13th consecutive month of shrinking demand, despite
successful scrapping initiatives in several major markets
cushioning the fall, the European Automobile Manufacturers
Association, or ACEA, said Tuesday in a statement.
May counted on average one working day less across the
region.
Volkswagen, Europe's largest automaker by sales, posted a 3.1%
rise on the year to 278,933 new-car registrations, which mirror
sales, thanks mainly to a 9.2% increase at its core VW brand. Fiat
eked out a 2% rise last month to 116,243 cars in Europe.
The other major automakers faced contracting sales in Europe in
May.
General Motors Corp.'s (GM) troubled European division last
month suffered a 10.8% fall on the year to 118,602 new-car
registrations as a 3.9% rise to 17,295 registrations at the
Chevrolet brand failed to offset a 9.6% fall at Opel/Vauxhall to
98,935 cars.
Company Web site: www.acea.be
-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512;
christoph.rauwald@dowjones.com