MOTOR SHOW:Renault CEO Sees US Market At 13.5 Million Vehicles In 08
Thursday October 2nd, 2008 / 11h08
PARIS -(Dow Jones)- Renault SA (13190.Fr) Chief Executive Carlos Ghosn said Thursday the crisis facing the world's automotive industry is deeper than expected, and it is "not excluded" that it could continue for two years. Talking to a group of journalists at the Paris Motor Show, he said he now reckons the U.S. auto market will slump to 13.5 million vehicles in 2008, from 16.1 million in 2007. "At the beginning of 2008 we were predicting sales of 15 million for this year and were the most conservative among the automakers," Ghosn said. He also admitted the extent of the crisis had been "underestimated." Renault is taking corrective action to scale back production and to adjust stocks in line with the new sales outlook, Ghosn said. Ghosn declined to give a new guidance for Renault sales or earnings for 2008. First guidance will be given out Oct. 23 when the company publishes its third-quarter revenue figures. In July, Renault was projecting an operating margin of 4.5% for 2008, on the way to a 6% margin next year. Company Web site: www.renault.com -By David Pearson, Dow Jones Newswires; +331 4017 1740, david.pearson@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=b0mLQ9gk7h7oHq8Uk5fR6Q%3D%3D. You can use this link on the day this article is published and the following day.
