Ford: Europe won’t recover for 5-6 more years

The European car market may not fully recover until 2019, Ford of Europe’s chief executive officer has revealed. European car sales have been sliding for the last several years as the continent continues to deal with a debt crisis.

“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,” Ford of Europe head Stephen Odell told Germany’s Frankfurter Allgemeine Zeitung, according to Reuters.

Odell estimates that 13.5 million vehicles will be sold in Europe’s 19 western countries this year, down significantly from the 18 million new cars and trucks sold there in 2007. Analysts believe Ford is on track to loose $2 billion in Europe this year, but Odell said Ford’s losses would be slightly less at $1.8 billion.

In order to battle the weak market, Ford has already announced plans to shutter three European plants and cut 6,200 jobs. Those reductions will be completed by next year.

Odell doesn’t believe Ford will be forced to make any additional cuts, but didn’t completely rule it out. “But we continue to keep production in balance with demand,” he said.

European car sales fell by 6.6 percent to 6.205 million units during the first half of the year. 

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