Europe’s car market is still a good half-decade away from making a recovery, according to Ford’s top man in Europe. Reuters quotes Stephen Odell, Ford’s European CEO, as anticipating a $1.8 billion loss in Europe this year, stating
“There are indications that an end of the decline may come in the second half of this year. However, a recovery of the market, we estimate, will take at least five to six years.”
After closing multiple plants and cutting thousands of jobs in response to major overcapacity issues and declining demand, Odell stated that he anticipated no further restructuring moves on the continent.