John Leech, UK Head of Automotive at KPMG comments on the figures released today by the European Automobile Manufacturers’ Association, showing that the number of cars sold in Europe fell by 9.8% in the quarter ending 31 March 2013 and by 10.2% during the month of March 2013.
“There is no light at the end of the tunnel for car manufacturers as car sales continue to freefall in Europe. Indeed 2013 is already shaping up to be the seventh straight year of falling car sales in Europe. The UK remains the only bright spot within the whole of Europe, enjoying increased sales of 5.9% in March; it also compares favourably to Germany, which saw sales drop by 17.1% and France with a drop of 16.2%.
“The UK performance is even more remarkable given that the Euro has weakened by 10% compared to Sterling in the last 6 months, meaning that it is 10% less profitable for European carmakers to sell cars in the UK compared to six months ago. However, at the moment the UK is the ‘only show in town’ for carmakers who remain happy to support the UK market with discounts at historically high levels”.
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Notes to editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.