Renault CEO expects European auto market to shrink by 8 pct in 2012

Xinhua Paris
0 Comment(s)Print E-mail Xinhua, September 28, 2012
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PARIS, Sept. 27 (Xinhua) -- The head of France's second largest carmaker Renault, Carlos Ghosn, expects the auto market across Europe to deteriorate in the face of a grim outlook and poor competitiveness, local media reported on Thursday.

In an interview with the daily Le Figaro, Ghosn said he expected annual sales in Europe to fall by 8 percent this year compared to a previous estimate of 3 percent.

"The European market is really bad. We see no improvement next year. The market will be at best stable, or more likely a little lower," he said.

Ghosn gave no guarantees he could avoid job cuts and closing down factories in France and asked government officials to improve industrial competitiveness.

Ghosn's remarks came as the biennial Paris auto show, Europe's biggest auto industry event, opens its doors to the public on Saturday. Enditem

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