Report – Ford thinks recovery for European car market due in 5-6 years image

According to a German newspaper, Ford Motor Co’s European chief Stephen Odell expects the European car market could take five to six years to recover.

After a big and powerful economic recession, the European countries continue to struggle on their route to a more healthy financial situation, as the Eurozone took a massive hit lately in one of their most important domains – car sales and production.

Of course, every important automaker has its owns internal forecasts, and sometimes executives slip some of them to the general public, This time around, Stephen Odell was quoted by Frankfurter Allgemeine Zeitung about the situation and its future developments.

“There are indications, that an end of the decline may come in the second half of this year. However, a recovery of the market, we estimate, will take at least five to six years,” Odell said.

He said Ford maintained its sales forecast of 13.5 million vehicles in 19 western European nations for this year, far below 2007 levels when 18 million vehicles were sold. He also expects Ford to lose $1.8 billion in Europe, while in October last year, the company said it would close three plants and cut 6,200 jobs in Europe by 2014.

Via Reuters