Europe Auto Sales Lowest Since '94

[FarCenter]

Auto sales in Europe have slumped to their lowest pace in 18 years and they may not improve anytime soon.

Two sobering headlines from Ford [F 9.27 0.14 (+1.53%) ] and Volkswagen as the automakers reported first half sales in Europe. Ford has already warned that its second quarter losses from international operations will triple and the majority of that weakness is due to lower sales in Europe.

In the first half of this year Ford sales in Europe dropped 10 percent, with the slowdown being especially noticeable in June when sales dropped 16.1 percent. In France, Italy and Spain Ford saw big declines in sales, while Germany (the largest auto market in Europe) was flat.

...

On Thursday, French automaker Peugeot announced it would close an assembly plant and cut approximately 8,000 jobs. Friday, Moody’s said it would review Peugeot’s debt rating.

http://www.cnbc.com/id/48176633