video transcript

10 percent is today's daily digit in Europe - the amount European car sales fell in November. It's the markets first double-digit contraction in more than two years. The European Automobile Manufactures' Association said registrations fell to just under 966 thousand for the month. The industry has been suffering from weak sales as the economic gloom has spread across north and east. The French suffered the most. Sales at Paris-based Peugeot slid 16 percent, shrinking its home market by 19 percent. It's scrapping 10,000 jobs and one of its car plants to help stem the losses. Rivals Renault were also hit with new registrations plunging 27 percent as sales of its no-frills Dacia brand saw a slowdown. Ripple effects are still being felts from the collapse of austerity-strapped Mediterranean auto markets last year. Even Germany, the region's biggest market is seeing declines. Registrations there fell 3.5 percent last month following a 0.5 percent dip in October. Europe's biggest automaker Volkswagen posted and 2.5 percent sales drop. This marks the 14th consecutive month that car sales were down across the European Union. The UK is the only major market to expand.