European car sales surge 6.4pc in Sept
PARIS, October 18, 2014
New car sales in Europe accelerated by 6.4 per cent in September, the 13th month running of increases as a recovery in the market spreads across the continent, according to official data.
The European Automobile Manufacturers Association said 'substantial growth prevailed in all major markets' in the EU in September, with nearly 1.24 million new cars sold.
Spain led the pack, with sales jumping by 26.2 per cent against September 2013, thanks mainly to its 'cash-for-clunkers' programme, although the country's economy is gradually recovering after six years of crisis. For the January to September period, sales climbed 6.1 per cent to 9.57m vehicles.
Spain also led the recovery for the nine-month period among the big European economies with a 17.2 per cent increase, followed by Britain where sales shot up by 9.1 per cent. Despite anaemic growth in their economies, car sales in Italy still rose by 3.6 per cent, by 2.9 per cent in Germany and 2.1 per cent in France.
Vehicle sales are still far from pre-crisis levels, however, after suffering six years of declines and analysts warned stalling economic growth in Europe could still drag on the market.
Jean-Francois Belorgey, from EY, said there were 'not many objective reasons (for the increase) except for the age of the fleet' because 'the economic fundamentals have not suddenly improved in two months'.
The 1.24m vehicles sold in September 2014 is far off the 1.4m sold in September 2006.
Volkswagen is extending its lead in European sales, with a 7.9 per cent increase over the nine months to 2.4m vehicles, expanding its market share to 25.2 per cent from 24.8 per cent.
France's PSA Group, which manufactures Peugeot and Citroen vehicles, saw its sales rise 4.8 per cent to 1m vehicles, although its market share slipped to 10.9 per cent from 11 per cent.
The new 308 model helped Peugeot to a 10.6 per cent jump in September sales. Renault was in third place, expanding its market share to 9.6 per cent from 8.8 per cent thanks to a 15.9 per cent jump in sales to 921,038 vehicles.-Reuters
