Global carmakers have built worrying amounts of production capacity in underperforming emerging markets, Ford’s chief operating officer has warned, as sales in Brazil, Russia and India lag behind ambitious expectations.
Hopes that breakneck sales growth in emerging markets would offset plunging demand in the west after the global financial crisis sparked a building boom in markets such as India, as carmakers hoped to profit from predicted double-digit growth.
“There is clearly a case where the eyes have been bigger than the stomach for some [carmakers],” said Mark Fields, the company’s number two and widely seen as the successor-in-waiting to Ford chief executive Alan Mulally.
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