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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Several in Europe's auto sector looking for recovery AFP - Wednesday, September 16 FRANKFURT (AFP) - - Car makers gearing up on Tuesday for the Frankfurt auto show said the auto industry should rebound from its global crisis next year, in a broadly shared display of guarded optimism. ADVERTISEMENT "We expect every quarter to see progress," the head of luxury car maker Daimler, Dieter Zetsche said, before adding that "markets are starting to show signs of recovery." He voiced hope the luxury sector would secure a full recovery from the global economic crisis in 2011, saying: "There is a chance that the premium market will reach its 2008 level" that year. Late Monday, Volkswagen chairman Martin Winterkorn also expressed cautious optimism as he announced the group had increased its market share in August despite the auto crisis. "The sector can look to the future with prudent optimism," the VW boss told company staff and guests after VW sold 9.5 percent more vehicles than in August 2008 and its global market share gained 1.8 percentage points to 11.7 percent. Car sales have plunged worldwide amid the global economic slowdown that many economists say has begun to ease. Government programmes that underpinned auto industries on several continents have helped limit the damage but are now set to wind down, leaving car analysts wondering if the sector will be able to find new ways of increasing sales. The chairman of Ford Europe, John Fleming, declined to give a sales forecast however after presenting new models at the Frankfurt fair. "We'll see where the industry settles," he said. It was "very difficult to plan at the moment," he added, while adding that "right now I don't see" a continued deterioration of the market. Tadashi Arashima, head of Toyota Motors Europe, told media on Monday that his group, the world's biggest car maker, expected its position to improve towards the end of 2010. "The second part of the year should be much better than the first part in terms of market share," he told reporters. French car company Renault said meanwhile that it would would begin making the first of a series of electric cars next year, and would team up with German power group RWE to develop a network of charging stations for them. "Renault is coming today with a breakthrough," Renault boss Carlos Ghosn said as he presented the new electric models. "We will 'drive the change'" towards zero emission vehicles that many in the sector hope will spur sales as consumers become more concerned about their vehicle's impact on the environment. Ghosn said he has raised his estimate for global sales in 2009 from a previous outlook of 55 million vehicles, saying that now "our best forecast for the year is about 59 millions cars." BMW no longer expects sales to fall by 20 percent worldwide but within a range of 10 to 15 percent, its financial director Friedrich Eichiner said. If European markets go soft as car-scrapping premiums taper off, it is hoped that stronger economies in China, Brazil and India will help take up the slack. "Outside Europe, things look much better," VW sales director Detlef Wittig said. Ghosn forecast that markets in the Middle East, Russia and the United States that saw sharp drops could now see a slight rebound. "Maybe not substantially, but the tendency is some kind of recuperation," he said. BMW boss Norbert Reithofer expressed the hopes of many by insisting that "individual mobility has a future." Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo Daimler CEO Dieter Zetsche (R) and McLaren Mercedes' British formula one driver Lewis Hamilton present a Mercedes-Benz SLS AMG car during the 63rd International Motor Show (IAA) in the central German city of Frankfurt am Main. A total of 781 auto and auto parts manufacturers from 30 countries are to present around 100 new models, during the motor show taking place from September 17 to 27. Most Popular – Top Stories Viewed Mafia sank boat with radioactive waste: official Remains of Jesus-era synagogue found in Israel Obama lashes out at Wall Street Depression harms cancer survival rates: study Nestle warns of possible exit from Switzerland View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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