16 November 2012 10:03 [Source: ICIS news]
LONDON (ICIS)--The European market for new passenger cars continued to shrink in October, albeit at a slower pace than in previous months, an industry body said on Friday.
According to data from the European Automobile Manufacturers’ Association (ACEA), 959,412 new passenger cars were registered in the region in October, down by 4.8% from the same month in 2011, continuing a downward trend, on a year on year basis, which began in October last year.
“Results in October were diverse across countries, leading to an overall 4.8% downturn in the EU. While the German market remained quite stable (+0.5%), the UK expanded by 12.1%. France (-7.8%), Italy (-12.4%) and Spain (-21.7%) performed worse than in the same month a year ago,” the ACEA said.
A wide variety of chemical markets depend on demand from the automotive industry, which has suffered badly from the effects of the global economic crisis.
In the first 10 months of 2012, new car registrations amounted to 10,327,276 units, or 7.3% less than in the same period last year.
“From January to October, the UK was the only major market to post growth (+5.0%). The German (-1.6%) slightly contracted, while Spain (-11.9%), France (-13.3%) and Italy (-19.7%) faced a double-digit downturn. Overall, new car registrations were down 7.3% ten months into the year, compared to the same period a year earlier,” the industry body added.
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