Car scrapping schemes inspire false dawns across Europe

摘要

Morgan Stanley raises estimates for 2009, but slashes 2010 - Increased sales are for small cars, premium sales sinking fast. Some optimists of the glass is half full not half empty variety claim to see the first hint of recovery in the European car business, but the unrelenting hard evidence points to continuing trauma at dealerships across Europe. Deutsche Bank reports that some factories, which have been shut down to enable the excess of stocks to find buyers, have been reopening. But this won't last. "After a period of massive destocking from the fourth quarter of 2008 through 2009's first quarter manufacturers are now slightly recovering. This is attributable to car scrappage schemes which collectively are boosting European car demand by about 1.2 million units in 2009 or by 10 per cent," said Deutsche Bank in a report.