InfoAnda - Nissan chief says auto market to shrink 14%

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Nissan chief says auto market to shrink 14% AFP - 1 hour 33 minutes ago RIYADH (AFP) - - Nissan chief executive Carlos Ghosn said on Sunday that the global car market could shrink almost another 14 percent in 2009, after a nine-percent fall last year, due to the global financial crisis. Ghosn said at a Global Competitiveness Forum in Riyadh that he expected more consolidation in the automotive industry in the months ahead and that recovery would not take place before 2011. "This is going to be a long recession," Ghosn said. "There is absolutely no question of the fact that you are going to see more consolidation." Ghosn predicted world auto sales would fall to 55 million vehicles in 2009, a fall of almost 14 percent, compared to 63 million in 2008, a year that was already nine percent down on the 69-million figure of 2007. The global financial crisis had slashed credit for car buyers, two-thirds of whom buy on credit. "We are the first victim of the financial meltdown," he said of the auto industry. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business India's Unilever Dec qtr net profit dips 2.2 pctReuters - 54 minutes ago Reports: Nomura to post record 3Q net lossAP - 57 minutes ago Suez backs out of Philippine power plant dealReuters - 1 hour 1 minute ago HannRe eyes bigger U.S. non-life mkt share -paperReuters - 1 hour 2 minutes ago Independent News eyes $130 mln asset sale -reportsReuters - 1 hour 4 minutes ago Enlarge Photo Nissan chief says auto market to shrink 14% Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Child matador kills six bulls in Mexico 'Dogs don't wear condoms,' says Baywatch star Anderson Ring of fire: Indian Ocean to see solar eclipse World crisis deepens as downturn bites in Asia Hudson 'miracle' pilot gets hero's homecoming View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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