BMW CEO Norbert Reithofer said that it will take at least five more years for the European governments to overcome the debt crisis in the region.
“I don’t think that’s a pessimistic assumption,” CEO Norbert Reithofer said on Thursday during a conference call to discuss first-quarter results. The business environment in Europe “is becoming ever more uncertain and volatile”, the CEO said, ruling out a short-term recovery of auto demand in the core region.
Two months ago Slovakia officials said BMW planned to opened in Europe, with Slovakia one of the top candidates. BMW is the only German automaker that does not have a plant in a low-cost European country and in March the company announced its plans to invest in a new facility somewhere in Romania, Croatia, Slovenia, Hungary, Slovakia or the Czech Republic.
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