| Economists say we are not in a period of | | | | Europe may have been the only real hope that |
| "negative growth." But in Europe and the United | | | | American automakers could have a successful |
| States, the automotive industry is crippled by | | | | leap to recover in 2008. And it seems that the |
| sales doldrums. After weak sales in November, | | | | hope is vanishing… |
| auto sales figures look pretty bad in the said | | | | German auto giant Volkswagen on Sunday said it |
| territories. | | | | had sold a record number of 3.37 million VW |
| Sales of new cars plummeted 1.1 per cent in | | | | vehicles in the first 11 months of this year. The |
| Europe in November with the largest automakers | | | | figure shows an increase of 8.8 percent over the |
| hurt the most. Sales by Volkswagen, Europe's | | | | same period in 2006, said the automaker. The |
| largest automaker, dropped 7.2 per cent to | | | | maker of chic VW mirror added the company's |
| 255,825 vehicles. "Consumer uncertainty fed by, | | | | sales increased 10.3 per cent in November with |
| amongst others, sharp rises in oil price, loss in | | | | 324,000 cars delivered to clients. |
| purchasing power and regulatory changes'' has | | | | "After 11 months, we have sold roughly as many |
| hurt demand in Europe, said Bloomberg. | | | | cars as we did in the whole of 2006," Volkswagen |
| Of course, General Motors Corp. and Ford Motor | | | | boss Martin Winterkorn said. |
| Co. also have large auto sales operations in Europe | | | | The German automaker posted strong |
| as well. That means that they will likely to exert | | | | third-quarter results in October and said it |
| great effort in both their home market and | | | | expected record full-year sales as Chinese and |
| Europe. The two largest American automakers | | | | South American growth offset slumping turnover |
| are now left with Latin America and Asia, | | | | at home and in the U.S. The company said |
| especially China, as their only real growth markets. | | | | Sunday that VW sales had grown most in the |
| As such, watchers say it is not shocking to know | | | | Brazilian market with 448,000 units sold, a raise of |
| that both stocks trade near 52-week lows. The | | | | 34.7 percent. China came second with a |
| Dearborn-based automaker has very little | | | | 28-percent hike, or about 726,000 vehicles, AFP |
| presence in China. The Detroit-based automaker, | | | | said. |
| meanwhile, is tied with Volkswagen as the biggest | | | | The company has forecast that total sales in all |
| automaker in China, but local companies want to | | | | its units would reach the six-million mark this year. |
| take some of those sales away. | | | | |