02/10/2008 21:15. PARIS -(Dow Jones)- Renault SA (13190.Fr) Chief Executive Carlos Ghosn said Thursday the crisis facing the world's automotive industry is deeper than expected, and it is "not excluded" that it could continue for two years.

Talking to a group of journalists at the Paris Motor Show, he said he now reckons the U.S. auto market will slump to 13.5 million vehicles in 2008, from 16.1 million in 2007.

"At the beginning of 2008 we were predicting sales of 15 million for this year and were the most conservative among the automakers," Ghosn said. He also admitted the extent of the crisis had been "underestimated."

Renault is taking corrective action to scale back production and to adjust stocks in line with the new... // EasyBourse.com