Three months ago Fiat Chief Executive Officer Sergio Marchionne predicted only six global automakers would survive the current economic downturn, but the Italian executive is now touting a much rosier outlook. According to Marchionne, the global economy has already begun its path to recovery.
Speaking with Automotive News, Marchionne revealed he believes the economic recovery has already begun. “The recovery process has started,†he said. “The worst of the global financial crisis is over, but the consequences remain.â€
Marchionne went on to predict the U.S. economy will see an uptick by the second half of the year, with European markets following towards the end of the year. According to Marchionne, Asian markets should begin to recover during the latter half of the year.
Although we sincerely hope Marchionne is correct, his predictions seem a bit too optimistic. New car sales are still hovering around record lows, with the real possibility of General Motors and Fiat-partner Chrysler facing Chapter 11 bankruptcy. However, Marchionne says he gained his inside knowledge of the situation through high-level meetings in Washington, so maybe he just knows something we don’t.
