CEO of PSA says that car demand in Europe will fall less than expected
By Andrew C., 30 Aug, 2010. 0 Comments
The CEO of PSA Peugeot-Citroen anticipates that the drop in car demand in Europe during the second half of 2009 will not be as bad as was first predicted. Analysts had estimated that demand would drop by 7% year-on-year. PSA CEO Philippe Varin spoke at an event at a technical center near Paris and he asserts that the company is doing ‚Äúbetter than this forecast.‚Äù Scrappage schemes across Europe have resulted to a steep rise in car demand but soon, these schemes will end and there are fears that the market will crash again in 2010. By October, the French government would decide whether to extend the scrappage scheme. However, French industry minister Christian Estrosi hints that they would be favoring more fuel-efficient vehicles. Meanwhile, the Italian car manufacturer‚ group UNRAE said it expected year-on-year sales in Italy in August would total 85,000 units, a 10% increase on 2008 levels. Italian sales in July were up 6.16% cent on 2008 levels to 204,905 units.
[via autocar]
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