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Automobile market in Europe affected by the economic crisis

de A.C.     HotNews.ro
Marţi, 19 august 2008, 14:22 English | Business

Europe's economic crisis seems to affect the demand on the automobile market and a series of producers gave in to pressures and acted accordingly by reducing production, lower sales targets or giving up to several projects, Automotive News informs. In the first six months, important producers lowered their sales targets in Europe.

Renault ceased works at a new crossover model inspired by Megane and will postpone the launch of the Espace replacement model. General Motors stopped working at a new model and might reconsider if it will build a new SUV Opel model that was supposed to be build in Belgium. BMW decided to give up the new SUV X7 model that was supposed to compete with the Range Rover, utonews.com reads.

Analysts declared that giving up new models or postponing new projects are definitely going to affect sales on a long term especially because new models play an important role in boosting sales. Europeans need constantly new models and the lack of it will have unwanted effects.

However, big industry players also reduce their sales targets: BMW declared that its sales will drop by 25,000 this year and Daimler will reduce sales targets by 45,000 units while Renault decided to fire some thousands of works and reduce productions.























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