General Motors, BMW Lead European Car Sales Higher
|
[09/14/2007] Sept. 14 (Bloomberg) -- General Motors Corp. and Bayerische Motoren Werke AG led European car sales higher last month as buoyant demand in eastern Europe and Italy more than made up for declines in Germany, France and Spain.
|
Sept. 14 (Bloomberg) -- General Motors Corp. and Bayerische Motoren Werke AG led European car sales higher last month as buoyant demand in eastern Europe and Italy more than made up for declines in Germany, France and Spain.
New car registrations rose 2.5 percent to 952,205 vehicles in August, the Brussels-based European Automobile Manufacturers Association said in a statement today. Eight- month sales gained 1 percent to 10.8 million units.
GM sales increased 10 percent to 94,041 units as its Opel unit boosted registrations by almost one-quarter. BMW, the No. 1 maker of luxury cars, saw sales jump 29 percent on its X5 sport utility vehicle and Mini. While east-European sales rose 14 percent, growth further west, where the region's carmakers get the bulk of earnings, was limited to 1.3 percent.
``These figures probably set us up for a modest full-year decline in western Europe,'' said Adam Jonas, an analyst at Morgan Stanley in London with an ``underweight'' rating on BMW stock. ``Eastern Europe is helping, but in terms of profitability for the automakers it's nowhere near as important.''
Full-year comparisons will be hurt by a surge in German sales at the end of last year as buyers in Europe's biggest auto market rushed to beat an increase in sales tax. That will make the fourth quarter ``really difficult,'' Jonas said.
Detroit-based GM's market share rose to 9.9 percent from 9.2 percent a year earlier. BMW's share increased to 5.3 percent from 4.2 percent.
Sales in eastern Europe rose to 99,547 as economic expansion spurred consumer spending. West European registrations total 852,658, helped by a 6.8 percent gain in Italy.
German Slide Persists
In Germany, the sales-tax increase continued to depress business, with registrations falling 2.2 percent to 239,381. Sales slid 2.4 percent in France and 2.7 percent in Spain while gaining 20 percent in the Netherlands.
Wolfsburg, Germany-based Volkswagen AG, Europe's largest carmaker, posted a 0.7 percent decline to 205,396 units, giving it a market share of 22 percent. Italy's Fiat SpA had an 8.4 percent gain to 63,162 vehicles on deliveries of the new Bravo compact, available since February, and the Grande Punto and Panda models. Its European sales have grown for 20 straight months.
``Fiat is mostly benefiting from a strong Italian market,'' said Deutsche Bank analyst Gaetan Toulemonde. ``VW is resisting, despite a very weak domestic market.''
Mercedes, Chrysler Brands Gain
DaimlerChrysler AG, Toyota Motor Corp. and Ford Motor Co. all contributed to the August gain. DaimlerChrysler's sales rose 9.1 percent to 63,973 vehicles, with the Mercedes-Benz brand gaining 8.1 percent and the Smart small-car unit advancing 10 percent. Earlier in the year, the company rolled out new versions of the Mercedes C-Class, an entry-level sedan, as well as a new two-seat Smart car. Chrysler registrations rose 16 percent.
Japan's Toyota saw registrations climb 2.4 percent to 61,026 vehicles, boosted by 10 percent growth at its luxury Lexus brand. Dearborn, Michigan-based Ford rose 1.4 percent to 86,268 units as a 16 percent gain by its Volvo brand more than made up for a 1.4 percent decline in sales under the Ford badge. Its Jaguar brand showed a 1.8 percent drop to 1,449 units.
Paris-based PSA Peugeot Citroen SA, Europe's second-largest carmaker, and smaller domestic rival Renault SA both suffered August sales declines.
Peugeot, where registrations fell 4.5 percent to 113,556 units, expects to sell 350,000 of its new 308 in the first year after the compact goes on sale next week. Boulogne-Billancourt, France-based Renault, whose sales edged down 0.2 percent to 76,257, also forecasts a European upturn thanks to its new Laguna mid-sized car.
July car sales in Europe, also reported today, rose 7.4 percent to 1.35 million vehicles, boosted by an extra working day compared with July 2006.
New car registrations rose 2.5 percent to 952,205 vehicles in August, the Brussels-based European Automobile Manufacturers Association said in a statement today. Eight- month sales gained 1 percent to 10.8 million units.
GM sales increased 10 percent to 94,041 units as its Opel unit boosted registrations by almost one-quarter. BMW, the No. 1 maker of luxury cars, saw sales jump 29 percent on its X5 sport utility vehicle and Mini. While east-European sales rose 14 percent, growth further west, where the region's carmakers get the bulk of earnings, was limited to 1.3 percent.
``These figures probably set us up for a modest full-year decline in western Europe,'' said Adam Jonas, an analyst at Morgan Stanley in London with an ``underweight'' rating on BMW stock. ``Eastern Europe is helping, but in terms of profitability for the automakers it's nowhere near as important.''
Full-year comparisons will be hurt by a surge in German sales at the end of last year as buyers in Europe's biggest auto market rushed to beat an increase in sales tax. That will make the fourth quarter ``really difficult,'' Jonas said.
Detroit-based GM's market share rose to 9.9 percent from 9.2 percent a year earlier. BMW's share increased to 5.3 percent from 4.2 percent.
Sales in eastern Europe rose to 99,547 as economic expansion spurred consumer spending. West European registrations total 852,658, helped by a 6.8 percent gain in Italy.
German Slide Persists
In Germany, the sales-tax increase continued to depress business, with registrations falling 2.2 percent to 239,381. Sales slid 2.4 percent in France and 2.7 percent in Spain while gaining 20 percent in the Netherlands.
Wolfsburg, Germany-based Volkswagen AG, Europe's largest carmaker, posted a 0.7 percent decline to 205,396 units, giving it a market share of 22 percent. Italy's Fiat SpA had an 8.4 percent gain to 63,162 vehicles on deliveries of the new Bravo compact, available since February, and the Grande Punto and Panda models. Its European sales have grown for 20 straight months.
``Fiat is mostly benefiting from a strong Italian market,'' said Deutsche Bank analyst Gaetan Toulemonde. ``VW is resisting, despite a very weak domestic market.''
Mercedes, Chrysler Brands Gain
DaimlerChrysler AG, Toyota Motor Corp. and Ford Motor Co. all contributed to the August gain. DaimlerChrysler's sales rose 9.1 percent to 63,973 vehicles, with the Mercedes-Benz brand gaining 8.1 percent and the Smart small-car unit advancing 10 percent. Earlier in the year, the company rolled out new versions of the Mercedes C-Class, an entry-level sedan, as well as a new two-seat Smart car. Chrysler registrations rose 16 percent.
Japan's Toyota saw registrations climb 2.4 percent to 61,026 vehicles, boosted by 10 percent growth at its luxury Lexus brand. Dearborn, Michigan-based Ford rose 1.4 percent to 86,268 units as a 16 percent gain by its Volvo brand more than made up for a 1.4 percent decline in sales under the Ford badge. Its Jaguar brand showed a 1.8 percent drop to 1,449 units.
Paris-based PSA Peugeot Citroen SA, Europe's second-largest carmaker, and smaller domestic rival Renault SA both suffered August sales declines.
Peugeot, where registrations fell 4.5 percent to 113,556 units, expects to sell 350,000 of its new 308 in the first year after the compact goes on sale next week. Boulogne-Billancourt, France-based Renault, whose sales edged down 0.2 percent to 76,257, also forecasts a European upturn thanks to its new Laguna mid-sized car.
July car sales in Europe, also reported today, rose 7.4 percent to 1.35 million vehicles, boosted by an extra working day compared with July 2006.
[Sourse]
celebrity gallery | travel photo | motorcycle gallery | Dine in the USA
| Share You car picture |
| Website Contents © All Rights Reserved |
Conception by Universal Studio
|