Domestic Auto Industry Overview 2009
Posted: October 1st, 2009 | Author: admin | Filed under: economic, visual | Tags: auto, bankruptcy, brands, cars, chrysler, ford, gm, sales |I put together a graphic overview including the latest news. God help us.
Legacy costs, and declining revenue due to foreign competition and the recession of 2008-2009 led to substantial losses for the Big Three, and forced GM and Chrysler into bankruptcy. To raise cash, the companies gave up ownership to unions and governments, and sold or cancelled nameplates. The federal Cash for Clunkers program stimulated sales in July and August by cannibalizing September’s demand, which sank to less than half the 17 million rate the industry had enjoyed for the past decade.
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