"U.S. Auto Shares Plunge on a Grim Sales Forecast"
"U.S. Auto Shares Plunge on a Grim Sales Forecast," see http://www.nytimes.com/2008/10/10/business/10auto.html. Part of the article is below.
"Investors, already nervous about the impact of tighter credit and a worsening economy on showroom traffic, were given a new dose of gloomy news on Thursday from the research firm J. D. Power & Associates.
The firm cut its forecast for United States sales this year to 13.6 million vehicles, a 16 percent decline from last year’s total, and it said 2009 sales could fall as low as 13.2 million.
J. D. Power previously estimated sales of 14.2 million this year and 14 million in 2009.
The slowdown in sales will also extend to Europe, China and India, putting increasing pressure on automakers to cut costs and accelerate revamping plans.
“While the global automotive industry is clearly experiencing a slowdown in 2008, the global market in 2009 may experience an outright collapse,” said Jeff Schuster, head of auto forecasting for J. D. Power.""
.......http://www.JoeFRocks.com/
"Investors, already nervous about the impact of tighter credit and a worsening economy on showroom traffic, were given a new dose of gloomy news on Thursday from the research firm J. D. Power & Associates.
The firm cut its forecast for United States sales this year to 13.6 million vehicles, a 16 percent decline from last year’s total, and it said 2009 sales could fall as low as 13.2 million.
J. D. Power previously estimated sales of 14.2 million this year and 14 million in 2009.
The slowdown in sales will also extend to Europe, China and India, putting increasing pressure on automakers to cut costs and accelerate revamping plans.
“While the global automotive industry is clearly experiencing a slowdown in 2008, the global market in 2009 may experience an outright collapse,” said Jeff Schuster, head of auto forecasting for J. D. Power.""
.......http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
11:21 PM
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