Automaker stocks have outperformed suppliers and retailers in the past three years, but they slumped in the second quarter of 2000.
The Automotive News Europe/PricewaterhouseCoopers index showed a decline of 3.2 percent for the six Europe-based carmakers. Carmakers have returned 2.3 percent over the past year and 24.4 percent in three years. Though better than dealers and suppliers, it is far lower than most other business sectors.
Of the six carmakers, three had a positive return from April to June. Renault was No. 1 in the quarter, with a return of 5.8 percent.
Steve Utting of PricewaterhouseCoopers said investors rewarded the company for significant market share gains in western Europe, helped by introduction of the new Scenic RX4 model.
'Their domestic market share has been buoyant,' said Utting. 'The purchase of Samsung Motors and the restructuring program at Nissan ... have also influenced market sentiment.'
Fiat was next best, though it was barely able to sustain its share price in the quarter with an increase of 0.9 percent.
Utting said: 'Fiat's relatively strong performance reflects the finalization of the global alliance with GM.'
Volkswagen continued to fall behind other manufacturers in shareholder value. VW's return to investors declined 11.2 percent in the quarter.
It stood at a negative 34.6 percent in the year ending June 30 and minus 38.5 percent over the past three years.
PSA/Peugeot-Citroen had the best return for the past 12 months, at 39.9 percent. Porsche was No. 1 over the past three years, with a return of 210 percent. But PSA lost 5.3 percent and Porsche declined 6.9 percent in the second quarter.