Now that Europe is declared to be out of recession, the European car market is also showing the first signs of improvement with deliveries in key regional markets showing signs of improvement.

In 19 main European markets Ford are showing an increased 9 percent from a year earlier to 90,000. "The worst is over," Roelant de Waard, head of sales and marketing for the Ford of Europe division, told Bloomberg.  "It's a bit early to say that we're now on a way up. Certainly the outlook has improved."

In the key markets in July, new-car sales rose 2 percent in Germany and 1 percent in France. In the UK and Spain double-digit rises at 13 percent and 15 percent were reported, and even the monthly decline in Italy was the smallest this year.