The prospects for the car industry
dd
The cause is no mystery. It all began more than a year ago in America with the subprime-lending crisis and then the doubling of oil prices. Buyers with below average credit ratings found it increasingly hard to borrow to buy cars, new or used.
The real trouble came only in November, in the financial meltdown begun by the failure of Lehman Brothers. As the credit system seized up and stockmarkets panicked, global car sales buckled. According to different estimates, the volume of world car sales in November fell by between 20% and 24%.
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