Will the Automotive Industry Ever Bounce Back?
A day doesn’t go by where we don’t hear about the dismal results plaguing the auto industry and newly released February auto sales reports echo the same painful message.
According to reports released out of Detroit, the US auto industry experienced dismal February sales that landed them 41% below last year. This is apparently the lowest level of sales in almost 30 years (since December 1981 to be exact).
Canada, although its economic bleeding has not been as drastic as in the US, is not absolved from its automotive industry pains and this is made more evident with GM’s ask for aid from the Canadian government – six million dollars worth of aid to be exact. Chrysler Canada has also announced its restructuring plans to try to cope with the weakening economy.
It is important to note that this decline in sales is not a domestic only issue as even import OEM’s have recorded unprecedented losses.
