Geneva Car show opens against backdrop of sector gloom_car show geneva

Geneva Car show opens against backdrop of sector gloom

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anyotherstory 2009-03-05 14:40:57 Publish:

The Geneva Car Show has opened at a time when governments around the world are injecting billions of dollars into the auto sector, but, still, assembly lines are halting and lay-offs continue.

Plenty of new cars on show, but not many are leaving the showrooms. Global Car industry profits plummeted 67% in 2008 and carmakers around the world are looking for support. Among those pressing governments for cash is General Motors, which warned it could go bust within the next thirty days, according to Carl-Peter Forster, President of General Motors Europe

"This is the worst economic crisis since the 1930s and its impact is effecting everybody especially the entire automotive industry. We've seen a dramatic drop in car sales across all manufactures; a trend that is beginning to show its effect through the value added chain in our industry."

In Russia, GM sales dropped nearly 30% in January compared to the same period last year. Local car makers did even worse. Imports of new cars into Russia plunged nearly 75% in the first month of this year.

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