Fiat chief executive Sergio Marchionne has confirmed the company’s 2013 profit targets and an outlook for a European car market at last year’s levels.
“I don’t see any glimmer of hope (for a European market recovery) this year,” he told Reuters at a press conference at the Geneva show.
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“The first quarter will be rough.”
German car sales on Monday were reported to have fallen 10% in February, indicating that consumers in Europe’s largest car market were also beginning to feel the pinch.
European car sales fell to a 17 year low in 2012, down about 8% year on year.
Marchionne said he saw the Italian car market falling to below its 2012 level this year when it returned to volumes not seen since the 1970s.
