Car industry: European car makers slam on brakes
16 March 2012
Les Echos, La Repubblica
The European car market still hasn’t stopped tallying up the bad numbers: a fall of 9.7 percent for the month of February, writes financial daily Les Echos. At the forefront of this slide are the French car makers. Renault sales recorded a decline of 27.7 percent, Peugeot fell 20.9 percent and Citroën dropped by 12 percent (the PSA Group). It’s a situation that should keep alive the discount war between the major groups, who often sell at 20 percent below list price.
In Italy the situation is not much better, notes La Repubblica: in February 2012 Fiat sales fell by 16.6 percent over February 2011. Fiat Group CEO Sergio Marchionne is meeting with Italian Prime Mario Monti today (March 16) to discuss Fiat's strategy for the coming years.