Sergio Marchionne says economic recovery has started
26 March 2009

Fiat boss Sergio Marchionne says that the economic recovery has started, and he expects Europe's car markets to start growing again at the end of this year.

"The recovery process has started. The worst of the global financial crisis is over, but the consequences remain," Marchionne said. "After the storm is over, you can start cleaning up."

Marchionne's remarks will surprise industry analysts, because they come just three months after he said he was gloomy about the car industry's future.

However, he said that the US economy will begin to grow again in the second half of 2009, with Europe's recovery beginning to kick in in the final quarter of this year.

"Europe will be slower. The first signs will start to appear at the very end of this year," Marchionne said. “In Europe I am worried about national protectionism, particularly on the industry side, which slows the recovery process.”

Marchionne is basing his prediction for the US recovery on what he has seen and heard during high-level meetings in Washington.

"I had the chance to talk twice with the US President's automotive task force at the Treasury Department and I saw a strong determination to find feasible solutions," Marchionne said.

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Jaguar E-Pace P300
    First Drive
    19 November 2017
    Jaguar’s second SUV faces up to the Audi Q3, BMW X1 and Mercedes-Benz GLA. Tough task, so is the E-Pace up to it?
  • Jaguar E-Pace D180
    First Drive
    19 November 2017
    Not the driver’s car many would hope from any car wearing the Jaguar badge, but the E-Pace is an attractive and interesting addition to the compact premium SUV ranks
  • Subaru Impreza
    First Drive
    17 November 2017
    The fifth-generation Subaru Impreza is much improved from top to bottom, but a poor engine and gearbox keep it trailing in this competitive class
  • Ford Fiesta Vignale
    First Drive
    17 November 2017
    We get a first taste of Ford’s poshest Fiesta in turbocharged diesel form
  • Seat Arona
    Car review
    17 November 2017
    Seat is on a roll but can the Arona, its new junior SUV, cut it in such an ultra-competitive class?