Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

UPDATE 2-German car sales dive on scrappage anniversary

Published 09/02/2010, 10:20 AM
Updated 09/02/2010, 10:24 AM

* August new car registrations drop 27 percent -Germany's KBA

* September marks one year since govt subsidies ran out

(Adds KBA official statistics, VDA statements, analyst)

By Christiaan Hetzner

FRANKFURT, Sept 2 (Reuters) - German new car registrations in August were 27 percent lower than a year ago when buyers enjoyed the last of the government's car scrappage incentives, according to official data published on Thursday.

Germany's motor vehicle department KBA said in a statement that roughly 20,885 new cars were registered with the authorities last month -- a drop of 27 percent versus the year earlier when the government was still subsidising their purchase via a fleet renewal programme.

Even when compared with two years ago, demand still contracted. In the eight months through August, registrations fell 9.6 percent to 1.9 million vehicles via the comparison period from 2008, when the market was not distorted by the scrappage scheme often referred to as "Cash for Clunkers".

This time last year, the agency responsible for managing the programme said that all 5 billion euros ($6.4 billion) in the pot of government money had been exhausted, harkening the end of a consumption craze that inflated the market to 3.81 million vehicles -- a level last seen in 1992.

Auto industry analyst Ferdinand Dudenhoeffer believes the division has remained between the market for small cars bought by retail customers, which were the sole winner of the Cash for Clunkers programme, and corporate cars that tend to be larger and dominated by premium brands.

"Incentives for the overall market may have declined last month but for the small car segment alone they have risen to a level never seen before, if you strip out the 2,500 euros from the government's scrapping scheme last year," he said.

"This will likely subside once private demand recovers starting around March 2011."

On Wednesday, car sales figures for the key U.S. market showed the weakest August since 1983 while sales in rival market of China grew a whopping 59 percent -- underlining the change in roles of the two biggest economies in the world.

Vehicle sales also declined in western Europe as government incentives ended in some countries.

EXPORTS SLOW

Thanks to booming exports, industry employment in Germany has been able to withstand the stomach-churning plunge in car sales to what will almost certainly be an historic low for the country since its reunification.

"German auto makers drove out of the valley of the crisis faster than many expected. Our robust position in global markets has proven once again to be a strategic advantage," the head of the German automotive industry association VDA, Matthias Wissmann, said on Thursday.

Export growth has slowed however as demand from abroad normalises, according to data from the VDA.

Foreign new vehicle orders rose 12 percent in August, while year to date they have still increased by 25 percent, pointing to a flattening out in growth.

Altogether, production gained 4 percent last month to 338,500 vehicles.

Germany's VDIK also said that registrations of new commercial vehicles rose 19 percent to 21,000 units, helped by a rebound in the general economy. (Editing by Mike Nesbit) ($1=.7814 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.