Downtrend: The logo of German car maker Volkswagen is seen on the company’s new electric ID3 model at the International Auto Show in Frankfurt am Main, western Germany. Car sales in Europe dropped 8.4%, the steepest decline this year, according to the European Automobile Manufacturers Association. — AFP
MUNICH: European car registrations fell sharply in August, deepening the woes of an industry battling sluggish demand in key markets and the challenge of rolling out electric vehicles.
Sales dropped 8.4%, the steepest decline this year, according to the European Automobile Manufacturers Association. The fall was partly due to exceptionally high growth in the same month a year earlier as manufacturers rushed out models ahead of tough new emissions-testing rules. The latest figures led Volkswagen AG shares down 0.4% in early trading in Frankfurt and BMW AG 0.3% lower.
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