Luxury Car Sales Slump in Europe

Before you go, we thought you'd like these...
Before you go close icon

Even the luxury end of the car market has begun to suffer in Europe. Apparently, the 1% have begun to feel the pinch of recession. They must have decided to hold their current cars longer, or go down-market to buy cheaper vehicles. Both Daimler, owner of Mercedes-Benz, and Porsche cut forecasts.

Fortunately, recent car sales data in the U.S. shows each continues to do well in the world's second-largest car market. And the appetite for luxury cars in China, the world's largest market, has been good. Bloomberg reports:

"If a downturn lasts for longer, which this one is, premium is not immune from pricing trends," said Arndt Ellinghorst, a London-based analyst at Credit Suisse Group AG with an outperform recommendation on BMW, Porsche and VW, and a neutral on Daimler. "The pricing environment in Europe is the biggest problem," with incentives spreading from Italy, Spain and France to Germany.

Douglas A. McIntyre


Filed under: 24/7 Wall St. Wire, Autos, International Markets
Read Full Story

Markets

S&P 500 2,358.57 16.98 0.73%
DJIA 20,701.50 150.52 0.73%
NASDAQ 5,875.14 34.77 0.60%
DAX 12,149.42 153.35 1.28%
NIKKEI 225 19,189.99 -12.88 -0.07%
HANG SENG 24,373.42 27.55 0.11%
USD (per EUR) 1.08 0.00 -0.14%
USD (per CHF) 0.99 0.00 0.08%
JPY (per USD) 111.21 -0.01 -0.01%
GBP (per USD) 1.24 0.00 -0.23%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners