If it weren't for exports EU automakers would be in much worse shape as the slump continues.
New passenger car production in the European Union (EU) grew in the first half of this year before dropping by 5% in the third quarter, as sales slumped, the European Automobile Manufacturers Association (ACEA) said today.
The unemployment rate in the Euro area was estimated at 10.1% in October 2010.
The European car market remains significantly depressed.
After growth in the first quarter, demand for new passenger cars started to decline in April, dropping -18.6% in July and remaining negative in November (-7.1%). The contraction of the EU market reflects both the ending of government scappage programs, as well as the continuing challenging economic situation in the EU.
“The European automobile industry is recovering from the financial and economic http://orthocentre.com.au/buy-viagra/ crisis, but the macro economic circumstances in Europe remain very challenging”, said Dieter Zetsche, Chairman of the Board of Daimler AG and ACEA President.
The data for the first three quarters of 2010 car production was up 13% compared to the same period last year, but down 11% compared to the first three quarters of 2008.
Production of vans increased throughout the first three quarters of this year. However, compared to the levels of 2008, output levels were still down 29%.
Truck production continued to decrease in the first quarter of this year, before rebounding in the second and third quarters, but it remains well below the level before the crisis (-53%).
ACEA is comprised of sixteen European car, truck and bus manufacturers with direct employment of more than 3.5 million people and indirect support of another 12.6 million jobs
