Poor US jobs data hit carmakers
The auto industry was one of the biggest losers yesterday as worse-than-expected US employment data sapped market confidence.
German carmakers fell sharply after reporting that sales continued to plummet in the important US market.
Porsche said sales fell 62 per cent year on year in June and its share price fell 3.9 per cent to €45.86. Volkswagen fell 7.8 per cent to €228.85, Daimler was 5.5 per cent down at €24.98, and BMW was 3.4 per cent weaker at €26.59.
At the same time data from across Europe showed car sales were higher in the domestic market, with government incentive schemes boosting demand. But Credit Suisse was downbeat, highlighting difficulties on the horizon when government support for the industry is reined in.
Source: Financial Times
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