Many More of Europe's Car Plants Must Close: Expert

"The situation for automakers will continue to be extremely tough in Europe. We believe that over capacity is around 25 percent to bring back the mass market in Europe to a more breakeven level. Roughly 60 percent of cars being sold in Europe are sold at a loss, the very sad truth is that more plants have to be closed" Arndt Ellinghorst, head of automotive research at Credit Suisse, told CNBC.