According to reports from the car industry, new vehicle registrations throughout Europe slumped by 8.2 per cent year on year leading to September. The fall-out from financial services problems is now clearly hitting car manufacturers where it hurts.

Car manufacturers are finding it impossible to finance their building process, and in terms of investing further into new materials and green technology, the money simply isn’t there. Consumer confidence at a low level and car finance loans hard to obtain means that consumers are increasingly shying away from large purchases.

Manufacturers’ Association the ACEA reportedly commented: Usually, September is a strong month for car sales that tend to pick up after the calmer summer months. A number of top car manufacturers cut production, including General Motors and Nissan .