Auto firms suffer globally
10:36 AM Fri, Oct 24, 2008 | Permalink
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Auto industry gloom spans the globe, according to USA Today. General Motors said it will cut salaried jobs and benefits this year and put a parts unit on the block, Chrysler moved up a plant closing and Michigan legislators appealed for federal aid. Meanwhile, results from several foreign brands added to worries of a global slump. "The global credit crisis has had a dramatic impact upon the industry," GM CEO Rick Wagoner said in a letter to employees about GM's latest actions. The global pain is a sign a wave of consolidation and bankruptcies is sure to follow, says Richard D'Aveni, a professor at Dartmouth's Tuck School of Business. "This is the straw that is breaking the camel's back for something that has been happening for the past 25 years." "The global credit crisis has had a dramatic impact upon the industry," GM CEO Rick Wagoner said in a letter to employees about GM's latest actions. The global pain is a sign a wave of consolidation and bankruptcies is sure to follow, says Richard D'Aveni, a professor at Dartmouth's Tuck School of Business. "This is the straw that is breaking the camel's back for something that has been happening for the past 25 years." 
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