FRANKFURT (MNI) – Some 260,000 new cars were registered in Germany
in November, 3% fewer than one year ago, the automobile association VDA
reported Tuesday.
From January through November, the 2.88 million vehicles registered
were 2% fewer than during the same period in 2011.
November’s exports of 382,700 new cars were also 2% lower on the
year, as were the 3.87 million cars exported between January and
November.
Production, which came to 497,700 cars in November, was 5% lower on
the year; the 5.06 million units produced over the first 11 months of
this year were down 3%, VDA added.
Households continue to show a preference for big-ticket purchases
instead of putting their money in a bank, the GfK Group reported late
last month, noting ongoing uncertainty due to the sovereign debt crisis,
as well as record-low borrowing costs.
“The sustained moderate rate of inflation is also bolstering the
mood to shop, as is German consumers’ relatively low propensity to save
money,” GfK said.
However, this robust spending propensity has not helped car sales.
A European Commission survey showed a slight fall in consumers’
intention to buy a car over the next 12 months.
The situation in western Europe is also likely to be “difficult”,
VDA President Matthias Wissmann said, citing projections that the car
market would decline by 9% this year to 11.7 million units. “That’s over
a million cars less than a year ago,” he said.
Volkswagen Chief Sales Officer Christian Klingler echoed Wissmann’s
statement, noting that the region was “still characterized by
uncertainty”.
Looking ahead, Wissmann said 2013 would be a challenge for the
domestic market, pointing to the strengthening headwinds for the German
economy. Abroad, growth is likely to driven by U.S. and China. India and
Russia are also expected to contribute, he said.
— Frankfurt bureau: +49 69 720 142; email: twailoo@mni-news.com —
[TOPICS: M$X$$$,M$XDS$,MAGDS$,M$G$$$]
