This should have been an exciting moment: the Paris auto show, “Mondial de l’Automobil,” this weekend with over 100 new models from around the world, from econo-boxes with rounded corners to exotic prototypes that will never see production. Chicks next to some of them. Nausea-inducing colors, downsized motors. Something for everyone. But it had been preceded by two days of supplier events loaded with the dire verbiage of an industry that is on a death march. Particularly in France, whose private sector is veering into economic fiasco. And on Monday, it became official.
A barometer of the real economy in France, new car sales as measured by registrations, crashed in September—down 18.3% from September last year, and accelerating (year-to-date, sales were down “only” 13.9%). It was the worst September in years, worse even than the infamous Lehman September of 2008. And 2012 is shaping up to be the worst year since long before the financial crisis.
Of the French brands, market leader PSA Peugeot Citroen saw sales drop “only” 5%, helped by the introduction of its new sub-compact Peugeot 208. But year to date, sales were down 18.4%. Renault got killed. A stunning 33.4% plunge for the month and 19.8% YTD.
An equal-opportunity fiasco. Even the heroes from across
http://www.zerohedge.com/contributed/2012-10-01/worse-infamous-lehman-september-france%E2%80%99s-private-sector-gets-kicked-cliff
Hobbleknee
Hobbleknee's picture
The global government propaganda machine has been telling us cars are evil for decades, but now the industry needs to be saved because?
negative rates
negative rates's picture
Because? Jobs you fool, the next batch of cars will be designed to fall apart faster than you can replace them, all in the name of money. Where have been the last few decades?? Living in a hole in the ground???
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
| 