Auto Industry Growth in Europe to Slow to 1 per cent in 2017
Auto Industry Growth in Europe to Slow to 1 per cent in 2017
Brussels - QNA
Growth in the European car industry is expected to slow to 1 per cent in 2017 but remain stable amid market uncertainties that include Britain's pending exit from the EU, the European Automobile Manufacturers Association (ACEA) said Wednesday.
The 1-per-cent forecast comes after EU passenger car sales grew by 6.8 per cent in 2016 with 14.6 million cars sold, reaching the highest volume in nine years, dpa reported.
ACEA President Dieter Zetsche said Wednesday that consumer confidence has so far remained "robust" despite fears over Brexit and political uncertainty in Europe.
"Much will depend on the evolution of macro-economic conditions and political developments, but we expect our market to remain stable," Zetsche said.
He noted that two pieces of EU legislation on emissions testing entering into force in 2017 will be "essential measures to win back the trust of customers" after the fallout from the emissions scandal involving Volkswagen, Europe's largest carmaker.
Source: QNA
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