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Ford: Europe Car Market Could Climb 6% This Year
Europeans willing to replace their aging vehicles could fuel a 6% jump in new-car sales in the region this year, predicts Stephen Odell, president of Ford of Europe.
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Europeans willing to replace their aging vehicles could fuel a 6% jump in new-car sales in the region this year, predicts Stephen Odell, president of Ford of Europe.
Odell tells Bloomberg News the average passenger vehicle in Europe has been on the road for 7-8 years, unusually long for the market. He says the aging fleet adds pressure for replacement purchase that will trigger action soon. He concedes that the speed and timing will be influenced by unemployment levels.
Odell predicts new-car deliveries could climb this year to 14.5 million from 13.7 million in 2013. He and other industry executives believe the past three months of year-on-year sales increases the longest growth spurt in four years may indicate that a mild recovery has begun.
But the trend is still difficult to confirm. Odell notes that late-year sales volumes in 2013 were upwardly distorted by consumers in France and the Netherlands rushing to buy before year-end tax changes. He tells Bloomberg a market correction may cause a mild decline in January before sales revive again through the remainder of 2014.
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