Nissan chief: U.S. car market is in recession
From the Associated Press:
The head of Nissan Motor Co. said even if the United States is not in recession, its auto industry is."We are very lucid on the situation of the industry that there is a recession in the United States, at least in the car market," Chief Executive Carlos Ghosn told reporters, saying automakers face rising costs for iron ore, precious metals, aluminum and other materials.
"These represent risk for the industry," he said.
Ghosn, who is also president and CEO of Renault SA of France, expressed optimism that the market will improve. Renault owns 44 percent of Nissan.The American auto market "will not stay in recession for a long time," he said.
U.S. car and truck sales totaled 16.1 million vehicles in 2007, down from 16.6 million the year before, according to Autodata Corp. It was the worst performance since 1998 as rising gasoline prices and declining home values sapped consumer confidence.
For what's going on with Maryland auto sales, see here and here.
