2nd Best News of the Week for Environment?
Posted by msrb on October 10, 2008
The global auto market faces an “outright collapse” in 2009
General economic stress and credit availability may lead to an “outright collapse” of the auto market in 2009, J.D. Power and Associates, an industry tracking company said.
“J.D. Power and Associates forecast U.S. light vehicle sales would fall to 13.2 million units in 2009 after likely settling at 13.6 million units this year, adding that a pronounced recovery is more than 18 months away.” Reuters reported.
A Chevrolet on display at an auto show in Shanghai – 2005 file photo. [newsphoto] Source: China Daily. Image may be subject to copyright.
“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, executive director of automotive forecasting for J.D. Power.
“While mature markets are being impacted more severely than emerging markets, no country or region is completely immune to the turmoil,” he said.