PARIS (APP) – New car sales in Europe rose by nearly six percent in 2014, ending a long slump in activity that began in 2007, but analysts warn the sector has not yet turned the corner in the region.
The European Automobile Manufacturer’s Association (ECEA) said last week that 2014 new car sales grew by 5.7 percent, but noted current volumes of activity remain significantly lower than they were before the global financial crisis that drove the sector into six years of decline.
Europe’s continuing economic sluggishness means carmakers are unlikely to be able to repeat 2014’s performance, with analysts expecting sales growth to be limited to one to three percent this year.
A recovery to pre-crisis levels is most likely still years away. Carlos Da Silva, an auto industry expert at IHS consultants, said that “2014 should be taken with relief and satisfaction.”
