“Europe is facing a period of weak growth or even recession,” PSA Peugeot Citroen CEO Philippe Varin said at a briefing at the Frankfurt International Auto Show.
Lack of confidence in the industry can also be seen in the market, as Fiat has dropped 46 percent this year, while Peugeot is has a market value of below €4 billion, despite having €56 billion in revenue.
“For 2012, we see a higher likelihood of a slowdown of growth rather than a recession,” Daimler CEO Dieter Zetsche said to reporters at the Frankfurt motor show. “Our order intake has been unaffected, which means a continuation of very strong demand for passenger cars and commercial vehicles.”
“Right now we have no indication of a decline in the market, but if it comes we are more prepared than in 2008, with respect to our financial strength and flexibility in our plants,” Volvo Cars CEO Stefan Jacoby said.