VW, PSA hit hardest by the euro-zone slump in August

Article by Anita Panait, on September 18, 2013

The slump in the vehicle market in Europe continues as sales in the region drop 5 percent in August 2013. Industry association ACEA said in a statement that EU and EFTA countries declined to 686,957 vehicles in August 2013 compared to 722,458 in the same month last year. The drop was a reversal of a 5-percent gain sales recorded in July.

Vehicle sales in Europe have also dropped 5 percent in the first eight months of 2013 to 8.14 million vehicles. Florent Couvreur, an analyst at CM-CIC Securities, remarked that Europe is still in “red territory," adding that while the drop is a little less steep, sales in the region are still falling due to the bad macroeconomic environment.

Carmakers hardest hit in August 2013 include PSA/Peugeot-Citroen, while European sales dropped 18 percent in the month, causing its market share to decline to 11 percent in the first eight months of 2013.

PSA chief executive Philippe Varin expected a "slightly positive growth" in European auto-industry deliveries in 2014. Volkswagen Group also suffered a drop in August sales in Europe, declining 11-percent year-on-year, with namesake VW brand tumbling 17 percent.

Other carmakers or brands posting a decline in European sales in August 2013 are Audi (6 percent), Skoda (5 percent) and Seat (3 percent). Ford only plunged 1 percent in European sales in August. Renault, meanwhile, had a solid performance last month as it posted a 6-percent surge in sales in Europe, with its Dacia and Renault brands growing 16 percent and 2 percent respectively. [source: automotive news - sub. required]

Topics: vw, psa, sales

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