Tronchetti Provera – Car Market Not Yet Rock Bottom

According to Marco Tronchetti Provera, the car market has yet to reach rock bottom. The Pirelli chairman was quoted by Reuters has saying that consumers would most likely wait several months to see if government measures to revive slowing economies proved successful before they considered making a larger purchases, such as a new car.

“I don’t think we have hit bottom,” he said at a meeting with reporters. “We’ll need a few months more.” Western European new car sales fell 15.5 per cent in October to just over one million units. As a result, vehicle manufacturers are rushing to cut costs, and many have reduced or halted production, such as Fiat in Italy and Brazil.

Tronchetti also dismissed any talk that Pirelli Tyre could be interested in Continental’s tyre business. “Restructuring is our priority,” he said. “We haven’t heard anything,” he added in response to questioning about a possible offer having been made to Pirelli Tyre to buy or take part in the purchase of the business.