Europe's Sales Slide Accelerates

Sales of new passenger vehicle in Europe dropped 11% to 1.13 million units in September, marking the third month of accelerating decline, according to industry trade group ACEA. Volume has trailed year-earlier levels for 12 consecutive months.

Demand jumped 8% year over year in the U.K. in September, traditionally the country's strongest sales month. But sales shrank sharply in the region's other biggest national markets, falling 11% in Germany, 18% in France, 26% in Italy and 37% in Spain.

All major producers reported lower volume in Europe last month, including industry leader Volkswagen (-8% to 270,000 units). Sales dropped 9% to 121,900 units at PSA, 16% to 95,400 units at General Motors, 14% to 92,600 units at Ford, 29% to 78,300 units at Renault and 19% to 67,000 units at Fiat.

Gainers in September included BMW (+4% to 83,300 units), Hyundai-Kia (+4% to 75,000 units), Toyota (+1% to 52,400 units), Honda (+3% to 19,000 units) and Jaguar Land Rover (+13% to 16,400 units).

ACEA says car sales in Europe from January through September totaled 9.7 million vehicles, down 7% from the same period in 2011.