Auto Industry Gets Sawed in Half?
Here’s a doomsday prediction: In the next 5 years US auto sales will drop to about half the level of the last half decade. That would mean about 50% of the 51 light vehicle plants in the US would close eliminating about 200 000 jobs in the parts and assembly sectors. The estimates by CIBC World Markets are more severe than the worst case outlined by Detroit automakers as they seek billions from the US and Canadian governments. General Motors (GM) says sales could fall to 9.5 million vehicles in 2009 and rebound to 12.8 million by 2011 - and ...
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