Europe's carmakers were under pressure following a downgrade in U.S. sales expectations from General Motors ( (GM) - Get Report ) CFO Chuck Stevens, who told analysts on a conference call that "challenging pricing" dynamics will likely see 2017 sales in the "low 17 million" range following last year's record tally of 17.55 million.
France's Peuget SA ( (PUGOY) ) and Renaut SA ( (RNLSY) ) led decliners on the CAC-40, falling 2.6% and 2.2% respectively, while parts supplier Continental AG led Germany's DAX performance index lower with a 3.45% fall. Volkswagen AG ( (VLKAY) ) (-1%), BMW AG ( (BMWYY) ) (-1.3%) and Daimler AG ( (DDAIY) ) (-1%) were also notable decliners on Europe's biggest market. The Stoxx Europe 600 Automobiles & Parts subindex was marked 0.68% lower at 545.91 points.
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This article was written by a staff member of TheStreet.