Moody’s has a negative outlook for global automotive manufacturers. The rating agency continues to forecast global double-digit 2009 volume declines, and sees limited prospects for a meaningful recovery in 2010.
Moody’s forecasts 2009 global auto sales volumes to be 13% lower than the already low level posted in 2008.
Moody’s says deeper restructuring may be necessary due to likely insufficient production cuts to trim inventories.
Government auto support packages will only serve to bring forward demand, not completely solve problems.
Well if I’m anything to go on, the auto industry is in BIG BIG trouble. I sent my car to the scrap yard recently and am without a car at the moment. And you know what, so far I’m not missing having one. I was flabbergasted when I looked at what you have to pay for a new car. Crazy money when you compare it to what the average person earns.
