Renault sees car market expanding despite economic woes

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French automaker Renault expects the global auto market to expand to more than 100 million new cars by 2020, despite the current stagnation in Europe.

"In 2011, the global market was 78 million units [and] we expect for 2020 a market above 100 million," Renault’s chief operating officer Carlos Tavares told journalists during an industry conference yesterday.

"Hence, there is no reason to be desperate about the car market, there is a very large growth potential but we have to be able to follow the changes, especially geographic," he added.

Reuters news agency reported Tavares as saying that Renault would make half of its sales outside Europe this year, head of its original target of 2016, the last year of its strategic plan.