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| Topic : How to Beat Recession in Automobile Sector? |
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Posted in Community :
Global Automotive Forum
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Source : http://www.reuters.com
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2 comments
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last activity : 07 06 2010 20:18:04 +0000
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General Motors Corp Chief Executive Rick Wagoner said on Thursday the No. 1 U.S. automaker expects overall 2008 U.S. auto sales to be about the same as the depressed levels of 2007, even as global sales hit a new high. Wagoner's outlook for U.S. auto sales was slightly more optimistic than many analyst views and corresponded with a drop in GM's share price to a 19-month low.
Wagoner said GM projected that about 80 percent of the industry's sales growth over the next five years would come from emerging markets. Global sales in 2008 were on track to hit a record of between 74 million and 75 million vehicles in 2008.
Wagoner said it was possible that tougher U.S. fuel economy standards could force automakers to narrow their product offerings, stepping back from the larger trucks and SUVs -- a sector that Detroit-based automakers has dominated.
Most analysts expect that U.S. vehicle sales ended 2007 on a weak note. Many see overall industrywide sales near 16.1 million for 2007, the lowest level since 1998. The 2008 sales outlook is seen hinging in part on whether the housing crisis runs longer and cuts deeper into consumer spending and pushes the U.S. economy into recession.
Many analysts have said 2008 U.S. auto sales could slump to near 15.5 million vehicles on an industrywide basis. Shares of GM fell 4.2 percent, or $1.01, to $23.40 in mid-day trading on the New York Stock Exchange.
Wagoner said GM projected that about 80 percent of the industry's sales growth over the next five years would come from emerging markets. Global sales in 2008 were on track to hit a record of between 74 million and 75 million vehicles in 2008.
Wagoner said it was possible that tougher U.S. fuel economy standards could force automakers to narrow their product offerings, stepping back from the larger trucks and SUVs -- a sector that Detroit-based automakers has dominated.
Most analysts expect that U.S. vehicle sales ended 2007 on a weak note. Many see overall industrywide sales near 16.1 million for 2007, the lowest level since 1998. The 2008 sales outlook is seen hinging in part on whether the housing crisis runs longer and cuts deeper into consumer spending and pushes the U.S. economy into recession.
Many analysts have said 2008 U.S. auto sales could slump to near 15.5 million vehicles on an industrywide basis. Shares of GM fell 4.2 percent, or $1.01, to $23.40 in mid-day trading on the New York Stock Exchange.
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2 comments on "GM sees flat U.S. auto market in 2008"
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Commented by
muthu andiappan, Design Engineer, adroit engg
| 10 08 2008 00:25:14 +0000
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Hardik Patel, Team Lead (Staffing and Recruitment), Rishabh Softwares Pvt. Ltd. / Rishi Infotech Pvt. Ltd
| 07 23 2008 11:13:47 +0000
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