Automotive executives appear to have reached a sobering consensus: that U.S. auto sales are unlikely to recover until 2010, although a few optimists say demand might possibly pick up by late next year.
Speaker after speaker—including executives of automakers, suppliers, retailers and private equity investors—offered that forecast yesterday at the Reuters Auto Summit in Detroit. They echoed predictions from several other auto executives in recent weeks. They agree that consumers won’t return to showrooms until the housing market recovers and credit eases.
Those opinions have gradually changed from the start of this year, when many still expected a recovery in the second half of 2008.