Europe: Ghosn sees 3-4 further years of stagnation
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Interviewed by Reuters yesterday at the Paris Auto Show, Renault-Nissan CEO Carlos Ghosn said that in the face of the significant sales decline in Europe, the group is refocusing its production towards export markets outside the continent. The fall stands at -7% year-to-date and is projected to reach -8% over the Full Year 2012. He sees no respite to the decline in 2013 and even 3 or 4 further years of stagnation in Europe.
However in spite of this context, Ghosn sees "zero chance" for a government-led restructuring of Europe's auto industry, similar to the restructuring of the US industry during the global financial crisis. This restructuring was triggered by the bankruptcies of General Motors and Chrysler. "Each company will have to deal with their own problems" he said. Europe still accounts for half of Renault's sales but just last month Brazil became Renault's #1 market in the world.
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