The price of oil, the credit crunch and now an official recession is really affecting the traditional markets in North America, western Europe and Japan which in turn is affecting the carmakers.
“In America car sales are running at about 16% below last year’s level. Detroit’s struggling big three—General Motors, Ford and Chrysler—are in dire straits.”
However, there may be a light at the end of the tunnel as there is a huge demand in the big emerging car markets of Brazil, Russia, India and China (the so-called BRICs). Predictions are that, despite the recession and market crunch, global car sales may hot a record high of 59m.
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