"There are obvious signs of growth. But we need to make the difference between stock rebuilding and the impact of scrapping schemes, and the overall trend," Pelate was quoted as saying by Reuters.
"We foresee a slow rebound spread over several years from 2010 onwards. American households remain indebted, and so are the British and the Spanish. In the United States, unemployment keeps progressing even if the job destruction rate has slowed."
The whole automotive sector, Pelata believes, will witness the same upward trend in the following years. Thanks to the rapid reaction of governments across Europe especially, the industry is now recovering and, as a bonus, greener cars are now on the roads.
Renault's predictions are in line with the ones made by German manufacturer BMW, who's CEO, Norbert Reithofer, told Bloomberg his company is also on a rebound. As with Renault, one of the key aspects of the recovery is the cost cutting.
"2010 will go up, not fast, but we will see a better situation. In 2011, from an economic point of view, we will be through the financial crisis," Reithofer was quoted as saying by the source.
With all the major scrapping schemes running in Europe coming to an end soon, fears still remain that the industry may fall again. That's why several big manufacturer asked for the schemes to be phased out gradually, and not in one swift move.
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