According to the latest data released by the European Automobile Manufacturers Association (ACEA), sales of new commercial vehicles in Europe fell by 17% year-on-year to 204,118 units in October.
The market demand in Western Europe fell by 17.5%, while the sales volume in the new EU member countries fell by 13.3%.
October was already the sixth consecutive month of decline in sales in the European market. Accumulated sales in the first ten months decreased by 5.3% compared to the same period last year. ACEA said that the demand for commercial vehicles in the Western European market fell by 6.6% in the first ten months, offsetting the 5.9% increase in demand for commercial vehicles in the new EU member states.
The sharp decline in the demand for commercial vehicles in Europe in recent months is in stark contrast to the increase in sales in early 2008, which fully reflects the negative impact of the global financial crisis triggered by the subprime mortgage crisis on the real economy. Due to the impact on the commercial vehicle market, commercial vehicle manufacturers have also begun drastically cutting production, lowering sales targets and reducing staff.
The downturn in the commercial vehicle market is expected to continue until 2009.
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