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Battered EU Car Market Shows Signs of Recovery

New car registrations in the European Union rose by 1.7% in April from a year earlier, according to latest industry data released Friday, giving hope to Europe's battered volume car makers that the market may be bottoming out after a 20-month downward spiral.Automobile sales in Europe have been sapped by sagging economic activity and rising unemployment that have undermined consumer confidence in the area. Chronically weak demand has forced the volume car makers in Europe into drastic efforts to slash costs and idle production lines to cut losses and prevent costly inventories from building up.At the same time, they have been trying hard to boost sales in more robust markets in Asia, Russia and Latin America.Registrations of new cars totalled 1.04 million vehicles in April, according to latest provisional data released by ACEA, an automobile industry group based in Brussels. ACEA attributed the increase in April -- the first monthly rise since September 2011 -- to two more working days...

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