Photo: original image created by autoevolution
2011 started out looking like a recovery year even for the European auto industry, but sales have begun to slow again, affected by consumers’ confidence dropping. PricewaterhouseCoopers estimates that 2012 will also be a year of decline, the fifth consecutive one since the high of 2007 peak.
According to Bloomberg, Citigroup estimates a 1.2 percent economic recession next year and the carmakers that will be the most severely hammered by this are the ones tat focus most of their efforts on the old continent - Peugeot, Citroen, Renault and Fiat.
An analyst with Credit Suisse says that Peugeot and Fiat are the most at risk here, since they are overexposed. The trend has already started in November, when Peugeot, Europe’s second largest automaker, posted a 13 percent drop in sales. Their statements might say otherwise going forward, but job cuts are probably among the measures to be taken, since they sell 70 percent of their cars in Europe.
An analyst with Credit Suisse says that Peugeot and Fiat are the most at risk here, since they are overexposed. The trend has already started in November, when Peugeot, Europe’s second largest automaker, posted a 13 percent drop in sales. Their statements might say otherwise going forward, but job cuts are probably among the measures to be taken, since they sell 70 percent of their cars in Europe.
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