Car sales in Europe hit a ditch.

European new-car registrations slumped 16.3% on year to 799,407 vehicles in December, the sharpest decline since October 2010, as high unemployment and an unwillingness by banks to finance consumer purchases took their toll. For 2012, EU sales fell 8.2% to 12.05M, the steepest annual drop since 1993. GM (GM) and Ford (F) registrations in Europe cratered 27% each in December, although those of Hyundai (HYMLF.PK) and Kia (KIMTF.PK), with their affordable cars and long warranties, climbed 10.5% and 6.8% respectively.