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Mar 06, 2013
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Car makers warn of weak European market for years
Car sales in Europe are at the low end of expectations and the market is likely to remain shaky for at least five years as the region implements austerity measures to cut its debts, industry executives warned on Tuesday.
Speaking at the Geneva car show, the head of Ford's European business, Stephen Odell, said he expected sales on the continent to continue "running along the bottom" of the U.S. car maker's forecasts during the first half of this year, following a dismal January and February.
German premium car maker BMW, meanwhile, predicted the market was likely to stay tough for years to come. "We believe that the underlying problem in Europe, which is mainly about debt, will persist for at least five more years," Chief Executive Norbert Reithofer said.
Source -
http://economictimes.indiatimes.com
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