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Sat, 17 Aug, 2013 12:16:13 AM
FTimes News Desk, August 17
 
File picture of Car. Photo - AFP/Lehtikuva
Car registrations in July increased by almost 5 per cent in the EU and EFTA countries, says the German automotive industry association VDA.
 
Over a million new cars were registered during the time, news agency STT reported quoting Reuters.
 
VDA expects that the growth spurt in car sales would decline during the rest of the year. 
 
The readings show that the sector was bleak in the beginning of the year.  
 
In EU and EFTA countries, the car market contracted in January-July, more than 5 per cent of 7.5 million cars. 
 
The industry expectations for the end of the downhill by the fact that some of the major car manufacturers in the results are surprisingly improved.
 
April-June interim results imply that the loss-making car manufacturers increase profit faster than previously anticipated.
 
“Coming of the economic recovery in Western Europe seems to be reflected in the demand for cars to the development,” VDA President Matthias Wissmann said. 
 
In Finland, new cars were registered in July by as much as 30 percent more than a year ago.
 
The rise is attributable to the car tax change made in April last year, which stopped the car business for months.
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