Renault considering complete closure of factories

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http://www.straitstimes.com/breaking-news/money/story/renault-considering-complete-closure-factories-report-20120930

French car maker Renault is considering the complete closure of factories because of the dire state of the European automobile market, the company's chief operating officer, Mr Carlos Tavares, was quoted as saying on Sunday.

"We have a competitiveness problem in western Europe and France."

The European market's prolonged decline is even starting to make previously impervious car makers, such as Volkswagen, feel vulnerable.

"We're bracing for more negative surprises in 2013, perhaps also in 2014," Mr Christian Klingler, VW's sales chief, said at the Paris auto show last week.