Opel and Peugeot hit hard as European car makers report decline in sales

The branch association European Automobile Manufactures’ Association (ACEA) reported that the registration of cars has fallen by 2.8%. Countries such as Spain (-12.1%) or Italy (-24.4%) are reporting significant declines.

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Since the past nine months the European car market has suffered from the current crisis. This has been marked through the increase of the general debt and the low demand of costumers for new cars. The branch association European Automobile Manufactures’ Association (ACEA) reported that the registration of cars has fallen by 2.8%. Countries such as Spain (-12.1%) or Italy (-24.4%) are reporting significant declines.

A total of 6.64 million fewer cars were sold in the first half of 2012 than in the previous year. With a decline of 15%, the German car maker Opel has been hit worst. The French car maker Peugeot had to as well take a significant loss of 13.9%. Still France’s president Francois Hollande does not consider any dismissal of any jobs as a necessary solution. Opel is under pressure by the parent company GM. The CEO of Opel Karl-Friedrich Stracke has been fired by GM-CEO Rick Wagoner, which raised concern among the German workers about the future of the biggest Opel-factory in Germany, based in the city of Bochum. The trade unions have protested against the renewed threat of shutting down the plant in Bochum.

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