Bleak outlook for European automobile manufacturers – Fiat CEO

Sergio Marchionne, president and CEO of Fiat, painted a bleak picture of the immediate future for his industry in a message to the European Automobile Manufacturers' Association (ACEA).

He outlined the impact of the European economic crisis, saying: “With sales on a downward trend for the past five years running, most automobile manufacturers are losing money in Europe … We now expect new car registrations to decrease by between 8-10 per cent compared to 2011. It is a question of survival for many manufacturers who are struggling to sustain the same level of capacity as in pre-crisis times.”