Euro reduces profits for the automobile industry

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Car sales are picking up as a by-product of increased economic growth but the sector remains highly ...

Car sales are picking up as a by-product of increased economic growth but the sector remains highly competitive with few clear winners. Over the past 12 months new car registrations rose some 8% but this has not been enough to tempt SG Asset Management into the autos sector. Stuart Gilmartin, Europe fund manager at SG Asset Management, sees too much competition in the market, leading to downward pressure on prices and corporate profits. Car manufacturers account for 4% of the FT/S&P European ex-UK index. However, Gilmartin, who manages the SocGen European unit trust with Dino Fuschillo, h...

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