Sunday, Nov 16, 2008
The car industry's era of glamour has been replaced with something a lot bleaker
Telegraph: Car groups face ultimate MOT
"This is a depression, not a recession," said Professor Garel Rhys, a leading car industry expert at Cardiff University. If you want an example of the pain suffered by the global motor industry, look no further than our own domestic market. The speed with which the downturn has suddenly hit has shocked the industry. In September new UK car sales fell a stunning 21pc, and came off an 18.6pc drop in August. But the fall was even larger last month, down 23pc.
"October was the steepest monthly fall since June 1991, the height of the early 1990s recession," said Paul Newton, automotive analyst at Global Insight. "It is a stark indicator of the depth and speed of this economic slowdown... How long this translates into real job losses is just a question of time."
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