The European Car Manufacturers Association has released its March numbers for Europe. At first glance, they are promising: New car registrations in the EU (as defined in Brussels) were 10.8 percent higher than in the same month of 2009. In the EU27 plus EFTA (including Iceland, Norway and Switzerland) registrations rose 11.1 percent. From here on, we will use the EU27 plus EFTA definition, just like the industry usually does.
A lot of the growth is the last hurrah caused by expiring cash-for-clunkers programs. Then, there is the Ford surprise, which we had been tracking since yesterday. (Read More…)
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