Sunday 21 June 2009

No car recovery before 2011 (EU)

Renault, Nissan and Infiniti CEO, Carlos Ghosn has said he doesn’t expect a recovery for the European car market before 2011, unless the scrappage scheme is extended. The global economic turndown has badly dented European car sales and has led to several nations introducing the scrappage scheme.

Ghosn said: “I don't see it (a recovery) in Europe before 2011. I see 2010 at the same level of 2009, with ups and downs. “If scrapping incentives were to continue for a while, it would be a different story. Stopping the incentives would have a recessionary impact.”

Ghosn also said that he expected the U.S car market to recover sooner, possibly by the end of 2009.

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