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Article: Roundup: World auto industry reshuffles amid crisis
- Article from:
- Xinhua News Agency
- Article date:
- June 2, 2009
CopyrightCopyright 2009 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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Roundup: World auto industry reshuffles amid crisis
By Yang Lei
DETROIT, June 2 (Xinhua) -- A severe crisis beginning during the
second half of 2008 has forced the world's auto industry into a
total shakeup, as new players and others compete in a landscape
under new rules.
SWEEPING CRISIS
2008 has been a difficult year for automakers around the world.
An unprecedented oil price rally forced Americans, who drive most in
the world, to drive less. And when oil prices took a free fall as
the economy hit a downward trend, so did the demand for vehicles.
With the financial crisis sweeping the world, the auto industry
was caught in the credit crunch -- consumers could not get loans to
buy cars ...