European auto sales saw the sharpest December drop since 2008 with U.S. makers GM (GM) and Ford (F) taking the biggest hits as the recession slams consumer spending.
New car registrations last month sank 16% from a year ago, sending the total for 2012 down 8% to the lowest level since 1995, according to the European automobile trade group ACEA.
GM and Ford each saw 27% drops in December, worse than declines of 15% at top European carmaker Volkswagen, 7.7% at Daimler and 6.7% at Honda (HMC). But BMW's sales edged up 0.6%, and Hyundai's rose 10.5%.
Shares of GM were down 5% in intraday trading. Ford, Honda and Toyota (TM) were off by less than 2%.
GM also said it is in talks with Facebook (FB) to start running paid ads again on the social networking site, eight months after deciding to pull them, citing little effect on sales.
On Tuesday, GM predicted a 12th straight quarter of profits with 2013 earnings up "modestly." But it also expects the European market to shrink 4% this year.
The dismal European registration figures are likely masking worse performances in actual consumer sales. Ernst & Young said dealers and automakers often register cars to themselves as part of an industry practice that artificially inflates the totals.
Europe's debt crisis has sent the economy into another recession that is even dragging down powerhouse Germany, which confirmed economic output contracted in Q4.
Source: http://feedproxy.google.com/~r/BusinessRss/~3/Iw8WKUnSAFs/gm-ford-sales-sink-in-europe.htm
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