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European car market stops skidding

  • The auto market in Europe is stabilizing after five years of steep declines, car executives have said, but they expect the recovery to be long and slow due to high unemployment and soft bank lending in the region.
  • Europe should "see the end of the tunnel next year," said Renault (RNSDF.PK) chief Carlos Ghosn, who was speaking at the Frankfurt Motor Show.
  • Meanwhile, Volkswagen (VLKAF.PK) aims to increase car sales to 9.5M this year from 9.3M in 2012, helping to boost shares 2.1% in Frankfurt. Brand sales dropped 1% in August to 461,600 cars, giving a year-to-date figure of 3.84M. That up 3.1% from last year.
  • Auto Tickers: F, GM, TM, HMC, CARZ, FIATY.PK, PEUGF.PK, BAMXF.PK, DDAIF.PK HYMLF.PK, NSANF.PK
Comments (6)
  • bbro
    , contributor
    Comments (9319) | Send Message
     
    This one is a biggie....new car registrations are about 20% below its
    10 year average....
    10 Sep 2013, 04:37 AM Reply Like
  • mitrado
    , contributor
    Comments (1948) | Send Message
     
    Well, Renault, Opel, Fiat and the rest: don't count on the Portuguese, Spanish, Greeks and Italians to improve car sales. You know perfectly well people can't afford your cars, seeing the incredibly miserable wages you pay your workers.
    10 Sep 2013, 08:08 AM Reply Like
  • Freddddd
    , contributor
    Comments (20) | Send Message
     
    Due to all the related taxes, fines, insurance, petrol, running costs, parking etc. there is no chance I buy a new car until my current one reaches 150,000 miles or 15 year old, which is a minimum. We know everything is close to collapse, huge indebtness and still stock markets at their highest in history, consumers are scared, postponed purchases and they are completely right
    10 Sep 2013, 08:48 AM Reply Like
  • Tdot
    , contributor
    Comments (3444) | Send Message
     
    Fred - you seem to reflect the mood of many Americans now as well.

     

    With the AVERAGE age of cars registered and on the road at over 11 years, there are evidently a LOT of 15-20 year old cars in active service, about equal to the tens of millions that are under 5 years old.

     

    The cars built in the last 10 years or so were designed to last at least 10 years and 150,000 miles, with no major mechanical failures.
    10 Sep 2013, 11:42 AM Reply Like
  • Michael Reilly
    , contributor
    Comments (11) | Send Message
     
    Ghosn sees the end of the tunnel through sales of low end vehicles; Romanian-built Dacia is a hot seller in the PIGS and re-launching the Datsun brand to emerging markets is their way out of the euro mess.
    10 Sep 2013, 09:50 AM Reply Like
  • omnimoeish
    , contributor
    Comments (471) | Send Message
     
    Europe really needs some good news to stop the blood letting.
    10 Sep 2013, 12:09 PM Reply Like
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