The situation in Europe is so desperate that a 5.2 percent drop of French car sales in April gave reason to rejoice. “The plunge seems to be halting after the double-digit declines of previous months,” Francois Roudier, spokesman of the French CCFA industry association, told Reuters.
In March, sales in France were down 16.4 percent. For the first four months, sales in France are down 12.3 percent.
France’s industry leader PSA Peugeot Citroen lost more market share in April as saw its sales drop 12.1 percent. Renault gained share by being down only 2.8 percent.
We’ll know more once the other European volume markets have reported. Also, March and April are important sales months in Europe, weather and calendar induced shifts register big. Easter Sunday was on March 31 this year, and many in Europe took the week off.