“A financial crisis could develop in about three years,” said Jochen Siebert, managing director of consultancy JSC Automotive Consulting in Shanghai. China could soon become a major trouble spot for automakers and their suppliers.
Tag Archives: recession
European new-car sales rise 5% in October
European car registrations rose 5 percent in October, marking the first back-to-back gains in monthly sales in two years, as a government scrappage program helped push a delivery surge in Spain.
long road to recovery seen by European automakers
Europe’s car market is bottoming out after five years of falling demand, but high unemployment and weak bank lending suggest its recovery will be long and slow, executives at the Frankfurt auto show said.
Automakers have been hammered by Europe’s prolonged economic downturn, with sales falling sharply and profits suffering even more because of overcapacity.
no quick end to Europe price war says Ford of Europe sales boss
Europe’s car market may have finally stopped shrinking, but a manufacturers’ price war will not let up until sales increase significantly, Ford of Europe’s sales boss, Roelant de Waard, said.
Spain will extend car scrappage scheme
The Spanish government said it would extend a scrappage scheme that subsidizes purchases of new cars. The subsidies have tempered the fall in sales in the recession-hit country.
