Investors in the car industry are likely to have lost money in the second quarter.
Each of the three auto sectors tracked by the Automotive News Europe/ PricewaterhouseCoopers Total Shareholder Value Index fell in the quarter ended June 30 as the financial troubles of US-based automakers Ford and General Motors rippled through Europe.
The downgrade of the carmakers' bonds to junk by credit rating agencies unsettled carmakers' shareholders.
Shareholders of components suppliers were concerned that Ford and GM would reduce purchases from their partsmakers.
Owners of shares in big car dealer groups grappled with another issue. The UK market, home to most of Europe's listed retailers, has lost its buoyancy and UK consumers have lost their confidence.
Through the first five months, new-car sales in the UK were down 6.6 percent.
As a result, dealership groups are seeking to diversify away from new-car sales by adding car rental and financial services.
Total Shareholder Value Index
The Automotive News Europe/PricewaterhouseCoopers Shareholder Value Index for European automakers, suppliers and retailers reflects investor returns for publicly traded companies.
The index measures the growth in value of an investment by including capital gains, share buybacks and dividends, and assumes that all cash distributions are reinvested.
The three categories surveyed include vehicle manufacturers headquartered in Europe; European suppliers with annual sales more than E100 million, of which more than 50 percent is in the automotive sector; and European car retail companies with sales more than E250 million. The returns have been adjusted for currency movements.The indices are weighted by market capitalization. Companies with larger capitalization - the value of a share price multiplied by the number of shares outstanding - have a greater impact on the index.