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Wednesday, November 19, 2008
Audi Sales increase VW Drops in Europe
Bloomberg is reporting VW sales have slumped 7.6% while the Audi brand's deliveries rose 3.3%. Keep in mind VW is Europes largest carmaker, with the credit crisis spreading through the US & Europe, european car sales have plunged 15 percent in October, the sixth consecutive monthly decline, as credit-market turmoil and an economic slowdown hurt demand.
Industrywide car sales in western Europe, including the 15 countries that were members of the EU before May 2004 plus Iceland, Norway and Switzerland, slid 16 percent in October to 1.03 million vehicles, led by drops of 86 percent in Iceland and 55 percent in Ireland. Deliveries in the 10 eastern European nations that have joined the EU since 2004 declined 3.2 percent to 99,076 units. By contrast, sales in those countries posted a 7.8 percent increase in September.
GM's sales in Europe fell 25 percent to 94,479 vehicles, with the Saab brand reporting a 28 percent plunge. The Detroit- based carmaker said Nov. 7 it may run short of cash by the end of the year unless the market improves or it raises more capital.
Registrations in Europe by Toyota slumped 24 percent to 54,612 cars. Asia's largest carmaker, leading GM in global auto sales this year, posted a 69 percent plunge in quarterly net income on Nov. 6. Deliveries of its Lexus brand fell 32 percent.