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European car sales slump further

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European car sales slump further

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The European car market suffered another month of heavy declines in June as the faltering economy made people less inclined to buy new vehicles. Registrations in June slumped 7.9% to 1.43 million vehicles.

Demand was down across most of the continent. Worst affected were Spain where new car registrations plunged 31% and Italy where they were down 20%.

The European car industry association said hardly any manufacturer was spared. Compared with the same month last year, VW Group’s sales fell 6.2%, PSA Peugeot Citroen was down 10%, Ford did better than most with a fall of 0.7%, BMW’s sales actually increased by 1.5% but Toyota’s plunged 18.7%.

And according to a report by Japanese state broadcaster NHK, Toyota plans to cut its global sales target this year by 3.6% from 9.85 million vehicles to 9.5 million.

A company spokesman would not confirm the figures but did say Japan’s biggest carmaker was “taking another look at its plans for 2008.”