Fiat SpA, Toyota Motor Corp. and Ford Motor Co. led a 10th straight monthly decline in European car sales as consumers cut spending following the end of government incentives.
Registrations in the region fell 1.1 percent from a year earlier to 1.07 million vehicles in January, the Brussels-based European Automobile Manufacturers’ Association said today in a statement. Fiat’s European sales dropped 20 percent, Toyota’s declined 11 percent and Ford’s dropped 9.4 percent.
Volume carmakers in Europe are under pressure to cut prices as falling sales lead to an oversupply. Buyers are holding back following the expiration of government programs introduced during the recession to encourage purchases of fuel-efficient cars or trade-ins of older models for scrap.
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