STOCKHOLM: The head of Chinese-owned carmaker Volvo Car Group forecast flat demand for cars in Europe's struggling automotive sector as the region slowly pulls out of a deep downturn.
Asked by the Financial Times if the European car market had turned a corner, Volvo CEO Hakan Samuelsson said things were clearly improving.
"We should not expect any growth this year but a levelling out," he said.
"And that is really a positive thing because last year we lost about 5 percent, and that has to be compensated by China or the US But if Europe stops shrinking, that is a step forward," he said, adding that demand in Germany would be crucial.
The carmaker, whose owner is Zhejiang Geely Holding Group Co. in China, returned to profit in 2013 after a dismal 2012 and is aiming to take a bigger share of the U.S. market as recovery takes hold.
Samuelsson saw a positive development for the U.S. car market this year, forecasting growth of between 2 to 3 percent.
"Last year we lost market share. So we have addressed that now... You cannot imagine Volvo without a strong presence in the U.S.," he said.
Volvo's sales rose 1.4 percent in 2013, with the number of cars sold in China nearly matching that of the United States.
indiatimes.com
Asked by the Financial Times if the European car market had turned a corner, Volvo CEO Hakan Samuelsson said things were clearly improving.
"We should not expect any growth this year but a levelling out," he said.
"And that is really a positive thing because last year we lost about 5 percent, and that has to be compensated by China or the US But if Europe stops shrinking, that is a step forward," he said, adding that demand in Germany would be crucial.
The carmaker, whose owner is Zhejiang Geely Holding Group Co. in China, returned to profit in 2013 after a dismal 2012 and is aiming to take a bigger share of the U.S. market as recovery takes hold.
Samuelsson saw a positive development for the U.S. car market this year, forecasting growth of between 2 to 3 percent.
"Last year we lost market share. So we have addressed that now... You cannot imagine Volvo without a strong presence in the U.S.," he said.
Volvo's sales rose 1.4 percent in 2013, with the number of cars sold in China nearly matching that of the United States.
indiatimes.com
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