– European Car Sales Drop To 20-Year Low, Germany Clobbered (ZeroHedge, June 18, 2013):
When the S&P, always so conveniently ahead of the curve, yesterday revised its forecast for Europe from growth in the second half of 2013 to 2014 one couldn’t help but golf clap, as well as wonder if they finally started looking at the fundamental depressionary reality on the ground instead of the rating agency’s infamous “models.” A depressionary reality confirmed by the latest car sales number for May which just hit a fresh 20 year low.
European car sales hit their lowest level for the month of May in 20 years as the region’s recession dragged on, the European automakers’ association said Tuesday.
They meant depression instead of recession, but it’s an honest mistake. Continue reading »
Tags: BMW, Cars, Collapse, Economy, Europe, Fiat, General Motors, Global News, Mercedes, PSA Peugeot-Citroen, Renault, VW
– Chart Of The Day: The Unprecedented Implosion Of European Car Sales (ZeroHedge, Dec 4, 2012):
The graphic below, which presents an unvarnished picture of Europe’s true economic state, needs no explanation:
In the context of the above, no explanation is also needed that quietly, and without much fanfare, French car-maker, Peugeot, and Europe’s second largest after VW, was recently GMed, and received a government bailout.
Carmaker Peugeot gets $9.1B government bailout
The French government has agreed to underwrite up to €7 billion ($9.1 billion) of bonds issued by Banque PSA Finance SA, the financing unit of carmaker PSA Peugeot Citroen SA, allowing the French automaker to offer low-cost credit to its dealerships and clients amid a slump in sales.
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Tags: Bailout, BMW, Cars, Collapse, Economy, EU, Europe, Fiat, Ford, France, Global News, GM, Government, Peugeot, Politics, Renault, VW
PARIS, July 12 (Reuters) – Workers at collapsed French car parts maker New Fabris threatened on Sunday to blow up their factory if they did not receive payouts by July 31 from auto groups Renault and Peugeot to compensate for their lost jobs.
New Fabris was declared in liquidation in April, so the workers stand to get no redundancy money, although they are entitled to draw state unemployment benefit.
They want Renault SA and PSA Peugeot Citroen to pay 30,000 euros ($41,800) for each of the 336 staff at the factory, or some 10 million euros in total, in return for its remaining stocks of equipment and machinery.
“The bottles of gas have already been placed at various parts of the factory and are connected with each other,” CGT trades union official Guy Eyermann told France Info radio.
“If Renault and PSA refuse to give us that money it could blow up before the end of the month,” he added
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Tags: Economy, France, Global News, Peugeot, Renault, Society, Unemployment