Technology Nissan, Volvo and FCA lead European sales decline

Nissan, Volvo and FCA lead European sales decline

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Nissan, Volvo and FCA lead European sales decline

European car sales dropped 7.9% in June, led by bigger declines for Nissan (7201.T), Volvo and Fiat Chrysler (FCA) (FCHA.MI).

Registrations fell to 1.49 million cars last month from 1.62 million a year earlier across the European Union and EFTA countries, the Brussels-based Association of European Carmakers said in a statement. Calendar effects resulted in two fewer sales days in most markets, accentuating the decline.

Registrations for the first half closed 3.1% lower, ACEA said. For European carmakers, weakening demand at home compounds the pressure from a sharper contraction in China and emerging markets that may yet bring more profit warnings.

Nissan’s aging model lineup contributed to a 26.6% June sales slump while Volvo Cars, owned by China’s Geely, saw deliveries tumble 21.7%.

Registrations also fell 13.5% last month at FCA, 10.1% at BMW (BMWG.DE), 9.6% at Volkswagen Group (VOWG_p.DE) and 8.2% for both Mercedes parent Daimler (DAIGn.DE) and France’s PSA Group (PEUP.PA). The Peugeot maker’s domestic rival Renault (RENA.PA) suffered less, posting a 3.9% decline.

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