Petrol price spike could spoil carmakers’ SUV plans

A sharp increase in petrol prices could cause serious problems for carmakers that have been gearing up production to cater for what was a rapidly growing market sector for sports utility vehicles (SUVs) in Europe.

The vehicles, a big hit in eastern European markets such as Russia, offered carmakers a growing segment in an otherwise mature and declining western European car market and was an opportunity to ramp up declining profit margins.