According to Fiat CEO Sergio Marchionne, the global economy ? and the automotive industry ? has seen the worst of the storm and is now in recovery.
In a recent interview with Automotive News, the Fiat boss said that while the impact of the economic crisis will be felt for some time to come, the industry?s return to profitability is well underway.
?The recovery process has started,? Marchionne told AN. ?The worst of the global financial crisis is over, but the consequences remain.?
With car sales still at close to record lows, every second manufacturer seeking government assistance of some sort (including Fiat) and GM and Chrysler on the brink of bankruptcy, Marchionne seems the master of understatement.
Marchionne believes the global economy will improve in stages, with the US economy starting an upward swing by the second half of the year, followed by European and Asian economies toward the end of the year.
In case you?re wondering if Fiat?s head honcho is smoking something you?d like to get your hands on, you might be able to rest easy: according to Marchionne, his opinion is built on inside knowledge gained through high-level meetings with Washington big-wigs.
And the US government has never been known to exaggerate?