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Peugeot Citroen, Renault, VW lead European car sales decline

Thursday, November 17, 2016 - 01:20

European car sales fell 0.3 percent in October, with the region's three biggest automakers Volkswagen, PSA and Renault leading the decline, according to industry data. Hayley Platt reports.

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PSA Peugeot Citroen was one of several European car makers to see sales fall last month. The number of new cars sold by the French auto maker dropped by more than seven per cent - largely weighed down by its Citroen brand. Rival Renault's performance wasn't AS bad but sales were still down as motorists nervous about the economy held back from spending. Sales at Volkswagen also slid largely because of its core VW brand. Overall around 1.1 million new cars were sold during the month - down by around 0.3 percent. (SOUNDBITE) (English) FIDELITY WORLDWIDE INVESTMENT, INVESTMENT DIRECTOR, TOM STEVENSON, SAYING: "The European car market is flat overall but France and Germany saw big declines while Spain and Italy saw pretty good increases. In the UK car sales were really flat. So I think the future of the European car market is really dependent on what happens in Germany and France." There was one corner of the industry doing well though. Britain's used car market recorded bumper sales in the third quarter. According to the Society of Motor Manufacturers and Traders, 2.1 million vehicles changed hands from July to September. That's a rise of almost 8 percent from the same time last year and a record for the period.

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Peugeot Citroen, Renault, VW lead European car sales decline

Thursday, November 17, 2016 - 01:20