Global car sales suffer in slowdown
Motor trades
1st October 2008
Worldwide car markets have started to suffer in the wake of the financial slump that has descended on global economies.
According to Autocar, slowing car sales in Russia have sparked concerns among manufacturers who were relying on the country - flushed with cash thanks to the high price of oil - to see them through the credit squeeze.
In August, sales of new cars in Russia increased by just six per cent, compared with 22 per cent in July.
Meanwhile, the Japanese market reported a steep drop in domestic sales, fuelled by rising unemployment in the country. Nissan was the worst affected business, with a 5.3 per cent drop in sales over the last six months.
China and India have also followed suit, which is likely to be a cause of further concern the UK motor trade.
In related news, Ford recently became the latest car maker to impose a four-day week on its employees.
