American automakers once felt that doing business in Europe was essential to their global ambitions. Now they see the region as a profit killer, a market to be avoided if at all possible.
That retreat was symbolized at this week's Frankfurt Motor Show, one of the industry's biggest global events, where the USA was MIA. Ford was the only US automaker with any presence, and it was a quiet one, with no press conference, no vehicle reveals, no attention.There are numerous factors aligning to make Europe a difficult market for automakers.
"General Motors pulled out of Europe two years ago when it sold its Opel and Vauxhall brands to Groupe PSA, the French automaker that makes Peugeot and Citeon cars. The two brands had lost $22.4 billion over the the previous 17 years. GM cited the risks posed by Brexit in announcing the deal to sell.
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