Crisis deepens for carmakers as forecasts are slashed in Europe - by John Reed
The crisis unfolding in car-making on both sides of the Atlantic deepened yesterday, as three of Europe's biggest producers slashed their profit forecasts for this year and General Motors and Chrysler announced more job cuts. In Europe, Daimler and Fiat warned of sharply slowing demand for cars this year. For the first time, Renault also cut its operating margin forecast, the most closely watched metric of Carlos Ghosn's three-year Commitment 2009 plan for the French carmaker as chief executive. "The crisis is here, and it is hitting the real economy," said Patrick Pelata, Renault's chief operating officer. "It is hitting automobiles, and therefore it is hitting Renault."
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