Car sales fall in austerity-hit France, Italy, Spain

Car sales dropped further in austerity-hit France, Italy and Spain last month, and France's CCFA auto industry association cut its full-year market forecast, highlighting the pain for automakers that have warned there would be no imminent recovery.

French September car registrations dropped 18 percent year-on-year, while Spain's plunged 37 percent, the countries' main industry associations said on Monday. In Italy, car sales fell 25.7 percent in September, the transport ministry said.

The Spanish plunge was accentuated by a September 1 sales-tax increase, which had brought forward some sales to August.

Would-be buyers also held out for renewed scrappage incentives introduced on Monday.

Read Full Article from Chicago Tribune

- Posted: 2012-10-01 15:06:26

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