European car market shrinkage slows in October
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MILAN (Reuters) -- Europe's new car market shrank at a slower pace in October than in recent months, but nearly all major groups still suffered double-digit declines, as consumers showed little inclination to make big-ticket purchases in a slow economy.
New car registrations in the EU and EFTA countries dropped 4.8 percent last month to 1 million vehicles, data published by Brussels-based industry group ACEA showed on Friday.
While October's decline was the second-smallest in a year, volume automakers such as PSA/Peugeot-Citroen, Renault and Opel/Vauxhall, which have borne the brunt of the downturn, are struggling to cut costs to survive until consumers feel confident enough about the future to start spending again.
The ACEA figures showed even Europe's best-selling brand, Volkswagen, posted a 0.5 percent dip in sales to 128,481 cars.
So far this year, western Europe's car market has shrunk by 7.3 percent to 10,327,276 million vehicles, ACEA said, led by double-digit declines in crisis-hit Greece, Portugal and Italy.
The UK was the only major market to post material growth in October, up 12.1 percent to 151,252 in October.
Ford, Europe's No. 2-selling brand, saw sales fall 8.3 percent to 72,330 cars, and General Motors' Opel/Vauxhall subsidiary shrank by 12.8 percent to 57,758.
PSA regained its place as the best-selling French brand, selling 63,997 cars, or 4.5 percent less than a year earlier, to Renault's 63,690, down 25.5 percent.
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