Europeans Ditch Cars Amid Recession, GM (GM) Stock Rocked
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European car registrations fell 16 percent in December, sending shares of U.S. automakers GM (NYSE: GM) and Ford (NYSE: F) lower. Shares of GM opened lower by 4 percent, and Ford stock dropped. 0.8 percent.
The massive drop in Europe car sales comes amid recession in the region, resulting in the worst year for auto sales in 19 years, with sales declining 7.8 percent.
Pain in European autos is nothing new, and carmakers have been cutting jobs and reorganizing operations for months. For example, Ford last year announced it was closing plants in the region. However, the extent of December's drop in autos was larger than expected and stunned many watching.
The massive drop in Europe car sales comes amid recession in the region, resulting in the worst year for auto sales in 19 years, with sales declining 7.8 percent.
Pain in European autos is nothing new, and carmakers have been cutting jobs and reorganizing operations for months. For example, Ford last year announced it was closing plants in the region. However, the extent of December's drop in autos was larger than expected and stunned many watching.
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