Renault-Nissan CEO: Mideast car market strong, expected to grow in 2013

The Middle Eastern car market in 2013 will continue to grow beyond its 4 percent global market share last year, Renault-Nissan chief executive Carlos Ghosn told Al Arabiya’s Lara Habib in an interview on the sidelines of the World Economic Forum in Davos.

“The Middle Eastern market is very important; its growth will be very strong. I saw in some statistics that in 2012 it grew by 15 percent; some statistics say even 20 percent,” the French Lebanese Brazilian businessman said.

“The situation in the Middle East will improve further. What is the importance of the Middle East? In 2012, 79 million cars were sold worldwide; the Middle Eeast market, if you count Iran and Iraq and the Gulf...all these markets make up 4 percent of the international market, but this figure will continue to grow because this is a market that has a very strong potential.

Carlos added that the European market will face biggest challenges in in 2013. “All markets are expected to witness increase in sales, but in Europe we expect a decline of 3 percent,” he said.

He also played down fears that a Japanese plan to weaken the Yen would spark a currency war, saying Japan would simply bring back its currency a near original value.