Franz Fehrenbach, CEO of Germany’s Robert Bosch, the world’s biggest automotive supplier on Monday said that it can no longer rule out a recession, Reuters reports.
Fehrenbach also criticized the economic and regulatory environment in Greece in an interview, saying he would not build another plant there.
“If uncertainty keeps getting spread, we can no longer rule out a recession,” he added.
In addition, Dieter Zetsche – CEO of Daimler said that is against keeping Greece in the euro zone at all costs and believes Europe’s single currency will survive even if Athens is forced to return to the drachma.
In Europe, LMC Automotive reports that the market continues to struggle under difficult economic conditions with this reflected in a seasonally adjusted annualized rate (SAAR) of sales of just 12.3 mn units/year.
Last month PSA Peugeot Citroen’s Slovak factory suspended production for nine days as orders for models assembled in the eastern European country fall.
Scania AB, the Swedish truckmaker said that demand for its vehicles was slowing, sounding a warning note for the heavy trucks sector.
“Customers have become hesitant about placing orders, mainly due to expectations of lower economic activity,” Mr Östling said.
Europe’s ACEA car industry association said last week total new car registrations slipped 0.8 percent in Europe in the first nine months of the year.