Global Car Crisis

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2009-02-12T19:33:00.001-08:00

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Mr Ghosn said the crisis was above all financial and the sector depended a lot on credit.

2009-02-12T10:39:00.000-08:00

Mr Ghosn said the crisis was above all financial and the sector depended a lot on credit.

'If the financial markets remain what they are we will all be having problems,' he said, adding the carmakers needed financing at 'reasonable' interest rates of 4 to 5 percent for two to three year terms in 2009.

French President Nicolas Sarkozy has summoned Ghosn and Christian Streiff of PSA Peugeot Citroen for a meeting on Monday after he had promised to help the sector if makers promised not to transfer any jobs abroad. Renault, PSA and carparts group Faurecia are shedding several thousands of job in France to face the sales and output drop.

Mr Ghosn said the authorities understood the seriousness of the situation and he expected concrete action in the coming weeks.

The heads of Renault-Nissan and Fiat said the car market would decline further next year after steep sales drops pushed the U.S. Big Three to ask for

2009-02-12T10:35:00.000-08:00

The heads of Renault-Nissan and Fiat said the car market would decline further next year after steep sales drops pushed the U.S. Big Three to ask for the bailout that was rejected by Congress and prompted White House action.

The world's largest carmaker Toyota Motor Corp was set to report a loss of about 100 billion yen ($1.11 billion) for October-March, according to Japanese media on Saturday, and is expected to cut its earnings forecast again.

German premium car maker BMW, which also sells Mini cars and Rolls-Royce limousines, is putting up financial aid to its German dealer network for at least 100 million euros ($132.7 million), according to WirtschaftWoche weekly.

Hyundai Motor Co has rolled out a new incentive program for US consumers that allows them to return vehicles within the first year of purchase if they

2009-02-12T10:30:00.000-08:00

Hyundai Motor Co has rolled out a new incentive program for US consumers that allows them to return vehicles within the first year of purchase if they lose income.

Hyundai's plan comes at a time when industry-wide US auto sales remain at their lowest in at least two decades under the pressure of tight credit and weak consumer confidence.

US auto sales should increase from current levels by the third quarter of this year, possibly climbing to an annualized pace of 12 million units from

2009-02-12T10:28:00.000-08:00

US auto sales should increase from current levels by the third quarter of this year, possibly climbing to an annualized pace of 12 million units from the current 10 million pace, the chief executive of Hyundai Motors America said on the sidelines of the Chicago Auto Show.

"Third quarter we hope that the industry will begin recovering. We see the first quarter and second quarter the industry staying at the 10 million unit sales rate for the full year and hope for acceleration in third and fourth quarter," said John Krafcik, Hyundai America's chief executive.