Fresh Car Registrations Decline in Europe
According to a report released on Thursday, the fresh car sales in Europe witnessed a third consecutive decline in the month of June. The decline is in the wake of the Government's scrapping incentive schemes.
Under these schemes, a discount was given to the people who exchanged their old cars, which consumed a lot of gas with new cars, which ensured less utilization of fuel.
European Automobile Manufacturers Association has revealed that the registration for new cars witnessed a 6.9 % decline as compared to the previous year.
In the month of June, Germany saw a 32.3% reduction in the sales of new cars while France registered a decline of 1.3%. Germany and France are the largest and second largest markets of new cars in Europe.
There was a 0.6% growth in the car market in Europe during the first half of the year.
During the debt crisis last year, the demand reduced considerably, however, the scrapping schemes were instrumental in perking up the demand for cars in Europe last year.
Barclays Capital has issued a statement to its customers saying that reduction will continue in the later part of the year as the incentive plans are expiring.
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