July 2, 2012 / 12:06 PM / 6 years ago

UPDATE 1-Spain new car registrations drop for 24th month

(Adds detail, concessionary comment)

MADRID, July 2 (Reuters) - New car registrations have fallen for a 24th straight month in Spain, where high unemployment and a prolonged economic slump is weighing on the country’s automobile industry.

Registrations fell 12.1 percent year-on-year in June to 73,258 units, car manufacturers association ANFAC said on Monday, compared with a drop of 8.2 percent in May.

The number of cars sold in the first half of 2012 stood was 406,070, 8.2 percent less than in 2011, ANFAC said.

The association said the full-year figure was unlikely to top 750,000, compared with more than 1.6 million five years ago.

“The lack of consumer confidence shows people are not taking advantage of some of the best offers on record being made by the car manufacturers and concessionaires,” ANFAC’s Aranzazu Mur said.

The recession, the second since 2009, was expected to have deepened in the second quarter while unemployment stood at around 25 percent in May, more than double the euro zone average and hitting domestic demand.

Concessionary association Faconauto said on Monday the automobile market in Spain was unsustainable and called for urgent measures to stimulate demand.

“The auto market in our country has not hit bottom ... 2012 will see just 720,000 new registrations, levels not seen for a quarter of a century,” the association said. (Reporting By Paul Day; Editing by Julien Toyer; Editing by Dan Lalor)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below