Many markets have declined in the first quarter of 2014
- In the first quarter of 2014, global passenger car sales rose by 5.7%, but it has been found that four regions have been driving growth during this period: China (+10.1%) that still benefits from a strong demand, Japan (+20.9%) which anticipates the VAT rise on cars in March going from 5% to 8% , Europe (+8.0%) which finally restarts after six years of decline (2008 -2013), this region saw its sales drop by 23% during this period, and finally South Korea (+7.2%), which saw its sales restart after a sluggish year 2013.
- Most other major markets were down during the first quarter of 2014: United States (-4.1%) and Canada (-7%) suffering from early on weather conditions which severely disrupted business activities. Brazil (-5.1%), the economy is slowing following a period of euphoria. India (-6.9%), the economy slowed and awaits the next election and a possible change in economic policy. Russia (-2.3%) who suffers from an unstable political and economic climate, that may worsen in coming months. Mexico (-2.4%) should still experience growth in the long term. Turkey (-22.6%), which shows the lack of confidence of Turkish consumers after major currency fluctuations, the high interest rates, higher taxes and the measures taken to control the banking sector.
