European car market plunges to lowest since 1995

Demand for new cars in recession-bound Europe fell to a 17-year low last year, leaving mass market manufacturers little hope for this year as they try to cut costly excess factory capacity and aggressive discounting dents their margins.

Registration data released on Wednesday also showed the biggest annual drop since a 16.9 per cent downturn in 1993, highlighting the crisis for automakers in Europe. Consumers are fretting over austerity measures, job security and rising living costs, and those who want to buy new cars are struggling to secure credit.

via Business feed http://www.scmp.com/business/economy/article/1129982/european-car-market-plunges-lowest-1995