The VW Group: Strength in Numbers
Tuesday, July 27th, 2010The automotive industry came under serious threat during the recession, American giants GM and Ford had to be saved from the brink of collapse by the government, while Toyota almost committed commercial suicide, suffering a raft of near-fatal parts failures leading to a backlash from consumers and a PR disaster, leading many to ditch their Corollas immediately and get another model immediately with temporary car insurance. Unsurprisingly, new cars were the first things to crossed off people’s wish-lists after the purse strings tightened, to make matters worse for manufactures, those that did invest in metal opted for secondhand as used car prices plummeted.
Although Britain is now officially out of recession, many manufactures are making a lethargic recovery, still seeing no profits and faltering sales figures. (more…)