Fiat and PSA predicted to be Europe’s biggest losers in 2013 [cardvd-player.net]

Industry observers expect new vehicle sales in Europe to decline to minimum not seen for decades, with Fiat and PSA / Peugeot-Citroen sitting in the car in front of the roller coaster crash. Both automakers traditionally rely on the southern part of the continent to the store, but consumers slowed spending in that region due to the financial crisis.
Compounding the problem for Fiat is the lack of new products, as CEO Sergio Marchionne has discontinued development to save money during the crisis. PSA has invested in new vehicles, but aggressive price wars are forced to sell their product at substantial discounts. To make things even more difficult, the two companies may have their credit ratings cut this year. This would increase the cost of borrowing and only deepen the wounds.
The news is not only bad for Fiat and PSA. Analysts expect car manufacturers in Europe of volume lost 8 billion euro (about 10.68 billion U.S. dollars in today’s currency) in the aggregate in 2012, and will not be in balance until the middle of the decade.

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