PARIS -(Dow Jones)- The European car market will contract in 2008, French automaker Renault's (13190.FR) Chief Executive Carlos Ghosn said Tuesday. Speaking at the company's annual shareholder meeting, Ghosn said the first three months in Europe "were not easy" and said he doesn't see a reason why this could change in the coming months. Mature auto markets are "at best stagnant and very probably contracting," he told shareholders. The slack in mature auto markets will be more than offset by strong demand from emerging markets Brazil, Russia, China and India, so the global car market as a whole will grow, he added. However, the time isn't right for the company to launch Renault in China, because the company is already stretched with projects in countries such as Russia, Iran, India and Morocco, Ghosn also said.
Read More
Friday, June 13, 2008
Subscribe to:
Posts (Atom)