Even Japanese Car
Sales Tumble
Updated: Sept 26, 2008
Sadly no one wants Detroit's big
gas-guzzling trucks and SUVs any more. But now the economy is so bad
that the sales of even the little fuel-efficient Japanese cars are
tanking.
Toyota, Japan's biggest car maker announced it
has cut production outside Japan for the first time since 2001. The
cut global production a whopping 17 percent. Honda and Nissan each
cut their output by 5 percent each.
Toyota's production projections which used to
be focused on selling over 10 million units annually have no been
scaled back. Even sales in emerging markets such as India and China
are showing signs of strain.
Honda, despite being almost totally
concentrated on the production of smaller cars, is in trouble
because 70% of it's sales come from the contracting U.S. car market.
To further complicate matters banks are
currently tightening credit standards which will make it more
difficult to obtain car financing. "The financial side is definitely
affecting the auto sector" said Hirofumi Yokoi, analyst at CSM
Worldwide, a major motor market research group.
Detroit car makes face a $1,500 cost per
vehicle for employee health care insurance which makes it impossible
for them to compete with Japanese and Korean makers who have no
health care costs due to the socialized medical systems in their
countries.
The Bottom Line: The U.S. auto industry is doomed
and is permanently shutting down.
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