Jan 16th 2009
Car sales are falling across the world
NO COUNTRY or company has been immune from the collapse in car sales. Figures released last week confirmed that the last half of 2008 saw the most savage contraction in demand for motor vehicles since the second world war. In America sales of cars and light trucks in December fell by 33.5% compared with a year ago, and in Spain they crashed by nearly half. Even in Brazil and China, where sales increased on an annual basis compared with 2007, saw sharp declines in the last quarter of 2008. Of the world's big carmakers, Chrysler is in the most trouble, thanks to poor products and a reliance on the American market, where its sales dropped by more than any other carmaker.