ACEA elects new president

Carlos Ghosn, chief executive officer (CEO) of French carmaker Renault, has been elected as the president of the European Automobile Manufacturers Association (ACEA). Ghosn would take over as president from the incumbent Christian Streiff, who is the CEO of PSA Peugeot Citroen, from January 1, 2009. Ghosn has called for financial support to strategic investments, normalization of credit markets and a range of national incentives to boost the European automotive industry. He pointed out that the global automotive industry is facing two main challenges—an acute financial crisis and a major transition to low-emission vehicles. (December 7, 2008)