European car industry faces collapse

According to the chief executive of a major car company, the car industry faces a dynamic collapse without the rapid intervention of the EU government.

Carlos Ghosn, the chief executive of Renault and the president of the pan-European carmakers body ACEA claimed that a savage collapse in sales and tighter car finance could bring the industry tumbling down.

Vehicle finance arms are relying heavily on government money. The French government is thought to be considering injecting capital into Renault and Peugeot Citroen .

Car company Fiat could be investing in Chrysler, with the aim of making common models. The chief executive of Fiat, Sergio Marchionne, has previously gone on record as saying that just half a dozen global car companies will be left in five years time.

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European car industry faces collapse

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