The prospects for the car industry

dd

The symbolism of the freezing temperatures in Detroit this week was lost on no one. The mood at the annual motor show was sombre, the razzmatazz noticeable only by its absence. Nobody needed reminding that General Motors (GM), normally the dominant exhibitor and until recently the world's biggest carmaker, would be in the bankruptcy courts but for emergency federal loans just before Christmas. GM's plight is only the most dramatic expression of the bleak state of the global car industry. Sales figures published the week before the show confirmed what everyone already knew: the second half of 2008 saw the most savage contraction of demand since the modern industry was formed after the second world war.

Related Links
finance , world , auto , car industry , credit