CORRECTED UPDATE 1AUTOSHOWMakers rev up new models to battle slowdown
(Corrects dollar reference in paragraph 1)
By Marcel Michelson
GENEVA, March 3 (Reuters) - Greener vehicles drive into the
spotlight as Europe’s biggest auto show opens in Geneva this
week and automakers hit back against a slowdown threatened by a
weak dollar and high raw material costs. [ID:nL21787762]
Toyota (7203.T: Quote, Profile, Research), Renault (RENA.PA: Quote, Profile, Research) and Fiat (FIA.MI: Quote, Profile, Research) all
have new models to show, hoping to tap demand for small,
fuel-thrifty cars spurred by soaring oil prices and government
calls for less-polluting vehicles.
Fiat will revive its once-mighty Abarth racing badge for a
high-powered version of the Fiat 500 city car while Renault
rolls out sports versions of the Clio and Twingo.
The show will see the world premiere of the production
version of Toyota Motor Corp’s iQ, a tiny four-seater set to go
into production this year.
Demand for the smallest cars account for 36.5 percent of the
western European market, according to J.D. Power Automotive
Forecasting, and it is rising as carmakers aim to reduce CO2
emissions and avoid European Union penalties by selling smaller
models.
Auto industry body OICA will hold a news conference on what
manufacturers are doing to cut CO2 emissions and what they
expect from governments in exchange. Continued…
