Nissan's Ghosn Says Worldwide Auto Market In A 'Slump'

January 26, 2009

Nissan Motor Co.'s CEO and talented visionary, Carlos Ghosn, weighed in at the Global Competitiveness Forum in Riyadh, Saudi Arabia: "for the next couple of years, you're going to have practically all car manufacturers in a defensive mode, which means reducing their inventory, reducing their investments." Speaking to reporters at the economic forum, Ghosn termed the severe downturn a "slump," which he claims is worse than just a recession.

Specifically, Ghosn predicts that worldwide auto sales for 2009 will reach just 55 million based on trends in the past few months. 2007 worldwide sales totalled 69 million; 2008 saw just 63 million.

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Ghosn, who also runs Nissan's French partner Renault, said that another way automakers will weather the slump is by teaming together in hopes of reducing the effects of the global sales crisis. The worldwide economic recession, the credit crisis, and foreign exchange volatility combine to create Ghosn's slump: "It's not a short-term kind of correction," he said. "It's a real slump."

[source: Detroit News]

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