Demand for vehicles in Europe plunge

MILAN - Renault SA, Fiat SpA and PSA Peugeot Citroen led the biggest decline in European car sales since June as consumers balked at making big purchases after the region's economy shrunk.

Vehicle registrations in January fell 6.6 percent to 1 million vehicles, marking the fourth consecutive monthly decline, the Brussels-based European Automobile Manufacturers' Association said on Thursday in a statement.

Sales in France, the region's second-biggest market after Germany, plunged 21 percent, while deliveries in Italy, the third-largest market, slumped 17 percent. GDP in the 17-nation eurozone fell by 0.3 percent in the fourth quarter, the first drop since the second quarter of 2009.