Renault isn’t out of the global economic crisis but the auto industry should see a gradual rebound from next year, chief operating officer, Patrick Pelata told La Tribune on Monday.

Pelata said in an interview with the French newspaper that the company was in the process of “drastically” reducing its stocks to improve its cash situation, but from an operating point of view, “Renault had not come out of the crisis yet”.

“There are obvious signs of growth. But we need to make the difference between stock rebuilding and the impact of scrapping schemes, and the overall trend,” Pelata said, according to Reuters.

“We foresee a slow rebound spread over several years from 2010 onwards. American households remain indebted, and so are the British and the Spanish. In the United States, unemployment keeps progressing even if the job destruction rate has slowed.”