Sales of new cars continue to drop in Europe 'coz of financial crisis

BRUSSELS, Feb. 13 -- Global Financial Crisis taking it all...The auto industry of both Europe and the United States has been greatly impacted by the global financial crisis.

The European Automobile Manufacturers' Association (ACEA) said sales of new cars in Europe dropped down by 27 percent in January year-on-year.

ACEA said 958,500 new cars were sold across the continent in January 2009, the lowest level in 20 years,

New car sales dropped 26.5 percent to 891,505 in Western Europe

Iceland faced the deepest fall of 88.1 percent in new car sales, because of financial crisis, followed by Ireland with 66.5 percent, Spain fell by 41.6 percent, Italy by 32.6 percent and Britain by 30.9 percent,Germany 14.2 percent..
France performed the best, falling 7.9 percent

In Eastern Europe, sales was down about 50 percent, while in the Czech Republic saw a drop of 12.3 percent.

Sales of new cars in Europe have dropped down for nine months in a row.