AUTOMOBILE

German car sales shot up 40 %

With 401,000 new cars sold in Germany during March, car sector sales went up 40 % compared with the same month in 2008, widely believed to be because of a car-scrapping premium introduced.

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AFP - German auto sales shot up by 40 percent in March compared with the same month in 2008 owing to a government subsidy and a larger number of business days this year, the VDA automobile federation said Thursday in a statement.

Sales in March came in at 401,000 vehicles.

UniCredit analysts said in a research note that "something has started which had not occurred for a long time in Germany: a shopping frenzy."

"Applications for the car-scrapping premium literally skyrocketed, exceeding one million yesterday (Wednesday)," they added.

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