EUROPEAN CAR SALES SLOWDOWN AS BREXIT WEIGHS ON CONSUMER CONFIDENCE

European car sales growth slowed in June, with registrations dropping to +6.5% the weakest since March (Bloomberg HERE).  Worryingly, UK registration dropped by 0.8%.

Peter Fuss, an automotive analyst at consulting firm EY, said in a report, “Drastically reduced consumer confidence in the U.K. following the Brexit vote will probably result in a significant hit to sales,”  adding,  “Not least the German car makers will see an impact in the form of lower exports to the U.K., as cars made in Germany get more expensive for British buyers because of the weak pound.”