Crunch time for autos
The world's carmakers are battling for survival. Should bondholders shun the sector or is there value in the firms best placed to beat the recession? Nikki Marmery reports
The global autos industry is in crisis. Demand for new cars has collapsed as consumers shy away from major purchases in the current recession, forcing up inventories of unsold vehicles. With little cash coming in and plenty still going out, carmakers have been forced to cut production and make widespread redundancies. In February alone, BMW, Bentley, Peugeot, Nissan, Ford, General Motors and Chrysler all announced job cuts at various plants. The first sales figures for 2009 made dismal reading
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