LOSING HORSEPOWER: Ford Motor Co. said first-half European sales fell 10 percent from a year earlier, more evidence that the euro debt crisis is hitting auto companies hard. Full European sales haven’t been released yet for all automakers, but Ford says they’ll be the lowest since 1994.
EUROWOES: Unemployment in some European nations is approaching 25 percent. For one of the most valued consumer demographics, the young, unemployment is nearing 50 percent in countries like Spain. More than half of the countries that use the euro are in recession. In that environment, a car is a luxury that fewer people can afford.
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THE OUTLOOK: Ford expects to gain momentum with new products in the second half of the year. But Volkswagen AG, the top-selling company in Europe, warned that the second half will be more challenging.
