Auto sales globally have fallen rapidly in recent months, and the decline has been even sharper in the U.S., where the toxic combination of tight credit markets, volatile fuel prices and declining consumer confidence has depressed demand for new cars.

Last week, automakers reported 2008 sales fell to 13.2 million units, down from 16.1 million in 2007. Sales fell 36 percent in December alone.

In 2009 sales in the U.S. to hit a 27-year low of 11.5 million, then rebound to 13.6 million in 2010. The Northville, Mich., firm projected 2009 global sales would fall about 8 percent to 56.8 million units. However, CSM forecast 2010 sales would rise nearly 7 percent to 60.8 million units."For 2009, the global automotive market has fallen back to sales levels of 2004, but the industry has added more than 19 million units of production capacity since then, setting the stage for the devastating situation that (automakers) and suppliers are facing today," CSM wrote in a research report.

http://finance.yahoo.com/news/CSM-sees-global-auto-sales-apf-14030182.html

The global auto market is expected to recover early next year in line with the projected recovery in the global economy," Robinet was quoted as saying in a Korean-language statement released by the South Korean agency.

http://www.tradingmarkets.com/.site/news/Stock%20News/2214449/

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www.scotiacapital.com/English/bns_econ/bns_auto.pdf
Source(s):
http://finance.yahoo.com/news/CSM-sees-global-auto-sales-apf-14030182.html
http://www.tradingmarkets.com/.site/news/Stock%20News/2214449/
http://www.scotiacapital.com/English/bns_econ/bns_auto.pdf

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