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Renault: "No recovery until 2011"
10 July 2009
Renault CEO Carlos Ghosn expects 2010 to be “as difficult as 2009” for the global car industry.
Ghosn thinks Europe will suffer more than other markets because of the expected withdrawal of government scrappage incentive schemes. A gradual withdrawal of such schemes would prevent a sudden shock to the market, he said.
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“I'm expecting 2010 to be as difficult as 2009. I am not expecting an immediate recovery,” said Ghosn.
According to Ghosn, America and emerging markets such as India and China will see recovery at the start of 2010, but Europe and Japan would struggle to see growth before 2011.
Ghosn also said Renault “could have expected a bit better” with its first half sales for 2009. Last month the Renault group sold around 180,000 vehicles globally.
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Mark Tisshaw
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