The Economist has an article on Europe’s car makers – Deeper in the doo-doo. In it FIAT’S boss, Sergio Marchionne, is reported saying:
“We’re standing in doo-doo. Whether you’re in an inch of it or three inches doesn’t matter. The stench is still overwhelming.”
This is his recent comment on the dismal state of Europe’s car market. The big names are haemorrhaging money, Peugeot-Citroën of France, announced first-half losses of €819m ($1.06 billion), and Ford more than $1 billion, while Fiat’s sales are down by 18% so far in 2012.
This article points to the good news that the UK car makers, following major restructuring, are both growing and profitable, as the chart from the Economist’s article shows.