GENEVA – Ford Europe CEO Stephen Odell says the uncertain Italian election results “possibly didn’t help” the European car market but he still expects some recovery this year.
Europe’s recession has caused auto deliveries to plunge from 18 million in 2007 in Ford’s key 19 markets to around 13 million expected this year. Odell said Tuesday at the Geneva Motor Show that Ford sees signs of recovery in recent surveys of purchasing managers and supplier order books.
Odell says Ford Europe was sticking to its target to break even in 2015. Ford will have a lineup with 40 per cent new products this year, and it will cut production capacity by a steep 18 per cent, or 355,000 units, by the end of 2014.
“We are in for a slow recovery curve,” Odell said.