December 3, 2012 / 10:31 AM / 5 years ago

Spain Nov new car sales drop 20.3 pct y/y

MADRID, Dec 3 (Reuters) - Spanish car sales fell 20.3 percent in November on an annual basis, according to car manufacturers’ association Anfac on Monday, after a drop of 21.7 percent year on year in October.

The Spanish government’s new car subsidy scheme, introduced Oct. 1 to stimulate the battered market in the economic downturn, meant sales had fallen by 15 percentage points less than expected, Anfac said.

The Spanish car industry has been hit hard by the prolonged economic slump and sales have been further hurt by government-backed austerity measures, including a three-percentage point increase in value added tax from September 1.

Spain sold 48,155 cars in November, down from 60,395 cars in the same month last year, the association said. (Reporting By Paul Day; Editnig by Jesus Aguado)

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