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European car sales bounce on VW rebound

Video Credit: Reuters Studio - Duration: 01:04s - Published
European car sales bounce on VW rebound

European car sales bounce on VW rebound

European passenger car registrations in October rose to their highest level since 2009, driven by robust demand in Germany and France and a rebound in demand for Volkswagen.

David Pollard reports.

Unveiled last month ... The first deliveries of VW's new Golf are due next month.

And in the meantime, the carmaker has been whittling down stocks of the older model.

It's just one factor that boosted European car registrations in October.

An 8.6 per cent rise put them at their highest in a decade.

VW posted a 29 per cent gain - ahead of Renault and Hyundai.

On a country basis, Germany's 12.7 per cent rise helped offset a near 7 per cent drop in the UK, according to industry figures.

The news gave welcome relief to VW shares after their 4 per cent loss on Monday ... When the German firm cut forecasts for operating profit ..

And - amid a downturn in demand for passenger cars - said sales growth would slip - from over 25, to 20 per cent.

VW has committed itself to a 60 billion euro spend on a green, clean and electric future.

But for now, "the very best of the party", CFO Frank Witter told analysts in a conference call, "is over".




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