European Automakers Get 2nd Hopeful Sign
MILAN (AP) -- The European car market may have seen the bottom.
The European carmaker's association reported Tuesday that EU passenger car sales rose in October for the second consecutive month. It is the first time since September 2011 that European car sales have grown two straight months — a sign that perhaps the gloom in the car market is about to lift.
Sales in the European Union rose 4.7 percent to just over 1 million units. Italy was the only major market with a contraction, down 5 percent.
There remains cause for caution: Despite the month-on-month increase, October sales were still the second-lowest for the month in the decade since the association started compiling statistics.
For the first 10 months of the year, sales were down 3 percent.