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

Tuesday, 17 Jul 2012 | 4:40 AM ET

"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.