Europe car market grows nearly 5 percent in July: German VDA
ReutersFRANKFURT -- Europe's ailing car market grew in annual terms for only the second time this year in July, supporting hopes of a much-needed stabilization in the second half of 2013.
August 17, 2013, 12:04 am TWN
Registrations of new cars in Europe rose 4.8 percent compared to the same month a year ago to 1.02 million vehicles, according to data published on Friday by the German auto industry association VDA.
“The positive July result ... is a good start for the stabilization we expect in the second half,” VDA President Matthias Wissmann said in a statement.
An extra working day in Germany, the region's economic engine of growth, helped lift domestic sales slightly in July over the previous year's month, but Frankfurt-based market researcher Dataforce calculates that volumes there still shrank 2.3 percent when adjusted for this calendar effect.
Europe's car market is set to shrink for a fourth straight year, plumbing depths not seen in 20 years but second quarter results have suggested some mass-market producer are closer to breaking even in Europe than previously thought.