Rock Bottom Reached, Long Climb Begins...
"We have an increasing number of signs that the worst could be over," Dieter Zetsche, Daimler CEO was quoted as saying by Autonews at the aforementioned event. For the US however, things may be worse, Zetsche believes. "It does not seem that we will see, in one or two or three years, a recovery to pre-crisis levels."
Martin Winterkorn, Volkswagen's CEO, agrees with his Daimler rival. "Is not over yet, but there are increasing signs that the bottom has been reached. The industry can be cautiously optimistic."
Sergio Marchionne, the trans-atlantic CEO, believes that the worst is over for all of the industry. The US even may see signs of recovery as soon as 2010, while the 2008 sales levels will be reached globally sometime in 2012-2013.
As for those more in touch with the US market, Jim O'Donnell, CEO of BMW of North America believes September will be the manufacturer's best month this year, bigger even than in 2008. In theory, he says, the luxury market should recover faster than the overall industry.
"In the final quarter you will see the premium guys come back relative to last year, but not significantly," he told the source. "It will be slow."