Europe

2012 Not a Good Year For European Car Sales

Fell at fastest pace for two decades

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EUROPEAN new car sales dropped at their fastest pace in two decades in 2012 after the euro debt crisis sent the car market into a downward spiral, data released on Wednesday showed.

After contracting by 16.3 per cent in December compared with the same month in 2011, the European Automobile Manufacturers' Association (ACEA) said new registrations in the European Union dropped by 8.2 per cent to 12.053 million units last year.