EUROPEAN car sales see worst September in a decade as global financial crisis takes hold.
A report released from the European Automobile Manufacturers’ Association (ACEA), has shown new car registrations in Europe combining EU27 and EFTA, fell 8.2% year-on-year in September as financial crisis affected European car markets.
According to ACEA, the credit crunch has weighed on the ability of the auto sector to finance daily operations and sustain the high level of investments required to support the market transition to low-emission vehicles.
Meanwhile, demand for new cars deteriorated as customers experience difficulty in obtaining finance.