September Worst Month for European Auto Sales in 2 Years

September auto sales in Europe dropped 10.8% compared to last year and marked the lowest sales in two years. Total car registrations were 1.13 million vehicles, compared to 1.27 million last September. It is the twelfth consecutive month of falling sales and sales are down 7.6% through the first 3 quarters.

European auto sales were up the last time in September 2011, but they posted just a 0.7% increase. 

The scariest part of the decline is that even Germany is no longer propping up the European auto market. In September, German sales were down 10.9%, down 17.9% in France, down 25.7% in Italy, down 30.9% in Portugal and down 36.8% in Spain. 

From January to September, German sales are down 1.8%, down 13.8% in France, down 20.5% in Italy, down 39.7% in Portugal and down 11% in Spain. The UK is up 4.3% in the first three quarters. 

Five of the 17 countries that use the Euro are officially in a recession, and Bloomberg estimates that there is a 55% chance that all of them will be in recession in the next 12 months. 

ACEA, the European Automotive Industry Association, which is currently headed by Sergio Marchionne, predicts an 8%-10% drop in sales this year, which would be a 17-year low. 

Source: Automotive News Europe