Car makers that had seemed in a strong position to weather the global economic storm have publicly admitted a 'crisis' as sales continue to slow down.
BMW's boss Norbert Reithofer yesterday described the situation to Germany's Spiegel magazine as "the worst crisis BMW has faced in its history".
Despite the slow sales, it is the German giant's reliance on leasing that has put it in a very vulnerable position.
Meanwhile Daimler boss Deiter Zetsche assessed the current conditions as "the worst crisis since World War II".
Martin Winterkorn, boss of Volkswagen, told reporters: "We have never before seen this kind of crisis" adding that "difficult cuts" maybe unavoidable.
But it's not just the German's who are talking openly about serious problems.
Previously stable Japanese giant manufacturers like Honda and Toyota are also publicly airing grave concerns.
Toyota's vice president Mitsuo Kinoshita described the situations as "an emergency of a magnitude we have never seen before".
Honda has also admitted that it will be "very difficult" to meets its full-year profit forecast and is scaling back production by some 40,000 units in Japan.
Industry experts say the most flexible car makers, which can adjust quickly to falling demand, will be best placed in the months to come.
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Re: BMW: worst crisis in history
Now girls..........
I like chocolate as a treat.
I like cars as a treat.
If I have big money I have big treat - M5.
If I have little money I have little treat - bar of chocolate.
Neither are necessary, they both waste money.
I waste my money on both, because that’s my treat.
At the moment little treat Chocolate sales are up and big treat car sales are down.
BMW are no different to anyone else at the moment. Although BMW may have been sliding before the recession bit (going the same way as Merc) as they charge and increasingly high price for an inferior, poor quality product (driving dynamics aside). The seats in a standard 1/3 series are c**p and things that should be standard are extras, the money grabbing just annoys me (£300 option to have black shiny trim on an M3 in place of the shiny chrome trim - Why? etc, etc, etc the list goes on). So I think with BMW the rot started before the recession - double whammy. - Hence crisis.
The rest are catching up !
Bangle design, mostly I like it - I bet if it wasn't watered down it would look much better. 1 Series Coupe looks great, shame it ate all those pies!Re: BMW: worst crisis in history
I'm sure he will Steve - once he has come down from cloud cuckoo land. How anyone can make a case against BMW efforts of efficiency and product line is ludicrous but i'm sure 'someone' will try. Look at Porsche's product line and yet it is the most profitable car company in the world. Also, what is Autocar's headline today - Ford's U-turn regarding selling Volvo, something it wouldn't be doing if it wasn't strapped for cash.
Re: BMW: worst crisis in history
Moi? Hell no! I've always looked up to Danny DeVito.