March 6th, 2013
06:44 AM GMT
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Hong Kong (CNN) - For Renault-Nissan, relativity may help manage expectations for a 2013 already predicted to end in the red.

“The (automobile) market in Europe continues to decline and the contraction is even bigger than what we have foreseen,” said CEO Carlos Ghosn to CNN’s Richard Quest.

“Even with this very bad start to the year… we’re going to go from a very bad market to a bad market. Instead of having an 8% decline, we’re going to probably see something like (a) 3% to 5% decline for the year.”

The Brazilian-born auto chief made the forecast at the 2013 Geneva Auto Show. The annual event opens to the public Thursday.

European governments can help automakers, Ghosn added, by bringing predictability to the economy and “eliminating uncertainty”.

“One of the reasons consumers are not buying cars or other goods is because they are uncertain about the future.”

As head of Japan’s Nissan Motor Company since 1999, Ghosn said he hopes the country’s new government of Shinzo Abe will bring the currency to a “historic level” of 110 to the dollar.

Since October 1, the yen has already risen nearly 20% and currently hovers near 93 yen to the dollar thanks to Abe's promises for a weaker yen, looser monetary policy and pledges of fiscal stimulus.

“Finally we have a government which has a vision and trying to do something about deflation (in) Japan.”

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Filed under: Auto industryBusinessEuropean UnionJapan


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