Renault CEO expects Europe market to drop in 2014-15

Article by Christian Andrei, on July 9, 2013

The vehicle market in Europe will likely persist to drop in 2014 and 2015 as rising unemployment continue to weaken consumer demand, Renault chief executive Carlos Ghosn remarked. He said that at best, 2014 and 2015 would be stable in Europe. Ghosn said that on more realistic level, there could be another drop in 2014 and 2015, but not a steep as in previous years.

He quipped he is not optimistic on the situation in Europe, since he cannot see a trigger for economic growth, particularly for the auto industry. He said that he is preparing Renault for "several years of market stability, at best." Ghosn remarked that consumers would continue to feel burdens caused by deficits.

Ghosn predicts the global vehicle market to go "from record to record" on demand in emerging markets, where the car-inhabitants ratio much lower than in Europe and the United States. He said that economic slowdowns in economies like Brazil, Russia, India and China, also known as the BRICs, are only temporary.

He said that the ratio of cars per inhabitants will continue to rise in those markets, adding that the BRICs are "here to stay for a very long time." he said. He noted that is one car for two people in Europe, one car per four people in Brazil and Russia, one car per 20 people in China. He also pointed out other emerging countries like Indonesia and those in Southeast Asia and Latin America, Africa and the Middle East. [source: automotive news - sub. required]

Topics: renault, ceo, europe

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