Car Industry Slowing Down
With the global economy going towards a depression, Car industry is always affected because people would delay their purchase of new cars and only spend on necessity.
General Motors (GM) will temporarily cut 500 workers at Ontario, Canada plant. While General Motors and Ford in the United States have reported far deeper quarterly loss than expected will also be cutting cost. Toyota Motor Corp of Japan, the No.1 carmaker will slash its profit forecast of the year. Our previous post on Nissan also reported a 38% drop in Net Income this year.
The source is mainly from Canadian Car Business Summary Report.
Ya… GM is facing bankruptcy. Looks like the economic crisis is affecting every single industry.
Horizon: Not every industry, but people can easily delay changing their car…since it is not a necessity