Frankfurt - Germany's car industry on Tuesday cut its 2008 sales forecast in the wake of the global financial crisis and the deepening sense of economic gloom facing the Europe's biggest auto market.
The Federation of the German Automotive Industry Association (VDA) said that it expects new car registrations to come in at 3.1 million this year instead of a previous forecast of 3.2 million.
"The extent and the speed of the impact of the financial crisis on stock markets and the real economy was essentially not forecast," said VDA President Matthias Wissmann.
Munich - German luxury carmaker BMW said Tuesday that it was lowering its profits forecast for 2009, following disappointing third-quarter results.
Profits plunged 62.9 per cent to 298 million euros (375 million dollars) compared to the same quarter of 2007, the company said in a statement released in Munich.
Turnover was down 8.6 per cent to 12.59 billion euros as global sales dropped 4.2 per cent to 349,098 vehicles, the company said.
Washington - Major automakers on Monday reported a sharp drop in October sales, while the manufacturing sector contracted the most in 26 years as the credit crisis continued to spread to the wider US economy.
Ford Motor Co said monthly sales dropped 30 per cent from the same period a year earlier. Japanese carmaker Toyota Motor Corp reported a drop of 23 per cent, Honda Motor Co's sales fell 25 per cent and Nissan Motor Co was down 33 per cent.
Frankfurt - Germany's car industry on Tuesday cut its 2008 sales forecast in the wake of the global financial crisis and the deepening sense of economic gloom facing the Europe's biggest auto market.
Munich - German luxury carmaker BMW said Tuesday that it was lowering its profits forecast for 2009, following disappointing third-quarter results.
Washington - Major automakers on Monday reported a sharp drop in October sales, while the manufacturing sector contracted the most in 26 years as the credit crisis continued to spread to the wider US economy.
Prague - South Korean car
