Courtesy of Mish.
GM Loses Global Car Sales Lead to Toyota Again
Auto sales have recovered in the US, but GM once again has dropped out of the top spot globally. CNN Money reports GM loses global sales title to Toyota, again.
General Motors fell to No. 2 in the global auto sales race, even as 2012 was its best year for sales since 2007.
Monday, GM (GM) announced global sales of 9.29 million vehicles. Toyota Motor (TM) hasn’t announced a final sales figure for 2012, but in late December the company said it expects that global sales hit 9.7 million vehicles. Volkswagen Group (VLKAY), which includes the VW, Audi and Porsche brands, came in at No. 3 with 9.09 million vehicles, the first time the company has topped 9 million
No Pent-Up Demand in US
How much pent-up demand remains in the US? I suggest none. Rather, sub-prime auto lending is a primary driver for keeping sales somewhat robust.
European Car Demand Near 20-Year Low
It’s a different story altogether in Europe where European Car Demand Near 20-Year Low.
The market for new cars in the European Union is at its weakest in nearly two decades, and recession across much of the region could dent sales further this year.
New car registrations fell more than 8% to just over 12 million last year — the lowest total since 1995, the European automotive industry association ACEA said Wednesday. It was the sharpest decline in demand since 1993, when Europe was again lagging the world in recovering from a global downturn.
December alone saw registrations slump 16%, the industry’s weakest performance for the month since 2008.
Of the major suppliers, U.S. and French manufacturers bore the brunt. Renault’s registrations fell by almost a fifth, while those for Peugeot/Citroen, General Motors (GM) and Ford (F) were down by 13%. Demand for Volkswagen (VLKAF) brands declined 1.6%.
Eurozone countries that have been hit hardest by the debt crisis have suffered the worst. Registrations in Greece collapsed by 40% in 2012, closely followed by Portugal, Cyprus and Italy, where they fell by 38%, 25% and 20% respectively.
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