What's Hot

    Is the iPhone 15 a True Technological Marvel or a Cash Grab?

    September 22, 2023

    Mainnet 2023: The Pinnacle of Blockchain Evolution in NYC

    September 21, 2023

    Bitcoin or Gold?

    September 20, 2023
    Facebook Twitter Instagram
    Twitter Facebook LinkedIn YouTube
    What the FinanceWhat the Finance
    Subscribe
    • NewsWire
    • Crypto
    • Stocks
    • Investment Ideas
    • Global Economics
    • Markets
      • Cryptocurrency Prices
      • Fear & Greed Index
      • World Market Indices
      • US Stock Market
      • Live Forex Rates
      • S&P 500
      • Gold
    What the FinanceWhat the Finance
    Home»Global Economics»Global slowdown in Auto Industry
    Global Economics

    Global slowdown in Auto Industry

    The What GirlBy The What GirlDecember 2, 2008No Comments2 Mins Read
    Automotive production
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The auto industry is showing the first deep scars of a recession from UK to Japan and all around the world. New car sales in the UK dropped by 23% in October, the highest in 17 years according to the SMMT (Society of Motor Manufacturers & Traders). It has also cut its forecast for 2008 by 10% over 2007.

    The new car registrations in Europe’s biggest car markets in November were as follows:

    €¢ France drop of -14%
    €¢ Spain drop of -50%
    €¢ Italy drop of -30%

    France has held up well for most of 2008 due to strong incentives for low-emission cars (Renault and Peugeot obviously) but is starting to show serious declines as well.

    UK and Germany data not in yet. Germany has been more or less flat until October, but should also deteriorate quickly as German car sales fell 18 percent in November, marking the fourth consecutive monthly decline.

    Big losers remain Ford and GM (Opel); the news-flow about possible bankruptcies certainly does not inspire much confidence at the consumer. General Motors reports $4.2 bn operating loss and it suspends its Chrysler merger talks. Ford also suffers $3-bn loss in Q3.
    However, no carmaker is able to escape the malaise.

    Japanese automakers are facing similar to their international peers problems. Isuzu Motors Ltd. and Mazda Motor Corp, will slash at least 2,700 temporary jobs in Japan as the companies reduce vehicle output production as a result of falling demand.

    Hino, the country’s largest heavy-duty truckmaker, will also halt production at a Tokyo plant for five days in December, said spokesman Hidenobu Tezuka. Tokyo-based Isuzu slashed its fiscal full-year net income forecast 53 percent this month and Mazda lowered its forecast 29 percent in October.

    All the eyes focus now on the second bid for $25 billion in funding that is to be presented to Congress by the three major US players (General Motors Corp., Ford Motor Co., and Chrysler LLC) today. Their first bid was turned down with some members of Congress urging the Big Three executives to take major pay cuts as part of the deal.

    Author Profile

    dadff7b1a7f33524d7aa069a4c17433d?s=100&d=mm&r=g
    The What Girl
    I am a financial services writer with experience in forex trading and stock market analysis.
    Latest entries
    • August 14, 2013Investment IdeasStockmarket Shares: Tips for Beginners
    • August 7, 2013NewsWireNew consumer protection laws target pressure sellers
    • July 25, 2013Best DealsPrice rises spell trouble for UK’s crowded housing market
    • July 1, 2013NewsWireMoney lenders welcomed into temple as Church of England plans credit union
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleWoolworth’s Bankruptcy
    Next Article UK in Recession

    Related Posts

    From Cleaners to Security Guards: The NEW Somatic Cleaning Robot

    September 13, 2023

    The Fisher Composite Index: A Comprehensive Guide

    August 10, 2023

    Cathie Wood & Ark Invest: Disrupting the Investment Landscape

    July 31, 2023
    Add A Comment

    Leave A Reply

    Stock Ticker
    • Loading stock data...

    Is the iPhone 15 a True Technological Marvel or a Cash Grab?

    September 22, 2023

    Mainnet 2023: The Pinnacle of Blockchain Evolution in NYC

    September 21, 2023

    Bitcoin or Gold?

    September 20, 2023

    Demystifying Financial Wellness: Its Lasting Impact on Life

    September 19, 2023
    Categories
    • Best Deals
    • Commodities
    • Crypto
    • Forex
    • Global Economics
    • Investment Ideas
    • NewsWire
    • Stock Market
    Recent Comments
    • Peter williamson on Travel Chaos at Geneva Airport: How Swiss Air is failing its customers
    • Marcus Latini on XRP Up by 65% as Judge Claims Ripple Was Not Selling Securities
    • Marcus Latini on Understanding Ethereum and Its Native Cryptocurrency, ETH
    Also Check Out

    Binance Donates to it’s Users in Morocco After Earthquake

    September 15, 2023

    Demystifying Financial Wellness: Its Lasting Impact on Life

    September 19, 2023

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Your source for financial news. This is not financial advice. Our opinions are independent of any financial organizations.

    We're social. Connect with us:

    Facebook Twitter LinkedIn
    Top Insights

    From Cleaners to Security Guards: The NEW Somatic Cleaning Robot

    September 13, 2023

    The Fisher Composite Index: A Comprehensive Guide

    August 10, 2023

    Cathie Wood & Ark Invest: Disrupting the Investment Landscape

    July 31, 2023
    Categories
    • Best Deals
    • Commodities
    • Crypto
    • Forex
    • Global Economics
    • Investment Ideas
    • NewsWire
    • Stock Market

    Type above and press Enter to search. Press Esc to cancel.