European Union Car Sales Drop In December

New car registrations in the European Union dropped 16.3% y/y in December, according to the European auto manufacturers' association. For 2012, EU new registrations declined 8.2%. In December, demand for new cars dipped 16.4% in Germany, 22.5% in Italy and 23% in Spain. However, new car registrations rose 3.7% in the UK.