In America General Motors is expected to announce the suspension of development work on a range of future models. One of Ford’s biggest parts suppliers has announced the closure of five plants as demand for its products dries up.
The big three manufacturers in the US are reported to be planning on approaching the White House for a bail out similar to what the banking and finance industry received recently.
And globally Toyota has slashed its profit forecast by 68%.
Bad Economic News Continues for the Car Industry