Filed under: International markets, Bad news, Products and services, Ford Motor (F), General Motors (GM), China, Brazil, Russia, Toyota Motor Corp. (TM), Market matters, Eastern Europe, Recession, Financial Crisis
We all know the impact that the current economic slowdown has had on American auto sales, and this day we get news that European vehicle sales are also feeling the pain, with auto sales dipping 15% during the month of October.
According to the European Automobile Manufacturers Association, or the ACEA, October marks the sixth straight month that new-car registrations have fallen, but things have been much worse since the summer, when concerns of a global recession really started to spread.
General Motors Corporation (NYSE: GM) was the worst hit major American automaker, which had a 25% decline in sales in October on a year over year basis. Japanese maker, Toyota Motor Company (NYSE: TM) didn’t fare to much superior, with a 24% dip in sales. Ford Motor company (NYSE: F) did a little bit superior, with a reported 11.9% decline in October sales. Europe’s largest automaker, Volkswagen, held up the ideal among the majors, with “only” a 7.9% drop.
Continue reading Financial crisis impacts the European car market
Financial crisis impacts the European vehicle market originally appeared on BloggingStocks on Fri, 14 Nov 2008 16:32:00 EST. Please see our terms for use of feeds.
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