Ghosn: “Mediocre” European Sales But No “Armageddon”

Renault-Nissan CEO Carlos Ghosn expects tells Bloomberg Television it will take years for Europe's auto industry to recover from excess capacity and declining demand.

Ghosn predicts "many mediocre years" in the region but not a complete industry collapse. Auto sales in Europe have hit a 17-year low in 2012.

Separately, he notes that the Chinese auto market is expanding more slowly that most carmakers expected.

Even so, Ghosn tells reporters that the country's slower vehicle sales will still be "very healthy." He says Nissan is standing by its outlook of boosting its Chinese sales 8% to 1.35 million vehicles in the fiscal year ending March 31, 2013.