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Auto Executives Paint Gloomy European Outlook
Most of the auto industry executives gathered for press preview days at the Geneva auto show don't expect Europe's car market to improve any time soon.
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Most of the auto industry executives gathered for press preview days at the Geneva auto show don't expect Europe's car market to improve any time soon.
Renault-Nissan CEO Carlos Ghosn predicts "no good news in Europe" until 2016. The only question, he says, "is will it be bad or very bad?" But Ghosn adds that it is too early to make a downward revision to Renault's forecast for a 3%-5% drop in the region's auto sales this year.
Fiat-Chrysler CEO Sergio Marchionne says, "I don't see a glimmer of hope" for a recovery this year. In Italy, car registrations are likely to sink even lower than last year's 1.4 million units. The country's political uncertainty will only make matters worse, he opines.
BMW CEO Norbert Reithofer expects Europe's underlying debt problem to persist for at least five more years.
Executives from U.S. companies are some of the most optimistic.
Ford of Europe CEO Stephen Odell predicts the region's auto sales will begin a slow recovery this year. But he adds, "Who knows what happens in the second half?"
General Motors Vice Chairman Steve Girsky says Europe's economy remains "grim," with sales dropping as much as 10% in 2013. But he also expects demand to hit bottom this year.
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