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East Europe car boom could be over, GM says
FRANKFURT (Reuters) - A downturn in car demand is bound to spill over into eastern Europe which has been a stronger growth area than western European, GM Europe President Carl-Peter Forster said in a trade press interview.
"This area used to be a growth area, but not any more," Forster said in an abstract of an interview which will run in full length on November 10 in Automotive News Europe.
"I would not expect them to be able to decouple themselves from a more difficult situation in Europe," he said.
The publication said a slowdown was expected in eastern Europe next year due to the tightening of available credits, the collapsing consumer confidence, and the increase used car imports from western Europe.
Europe had so far provided a silver lining for many leading U.S. auto suppliers but the slump that started in the U.S. is spreading to other key markets as the global credit crunch rocks consumer confidence.
(Reporting by Vera Eckert)
