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U.S. markets recover from steep losses
FRANKLIN, Tenn., July 23 (UPI) -- The slump in U.S. auto sales will likely continue through 2009, a top industry executive said.
Speaking at the grand opening of the Nissan North American headquarters in Franklin, Tenn., Tuesday, Carlos Ghosn, chief executive officer of Renault SA and Nissan Motor Co. said the slump may extend beyond 2009 and that the Nissan said would continue to reduce truck production, The Detroit News reported.
"We don't have enough capacity for cars and four-cylinder engines," he said. "We can't build enough of them."
Other executives and industry analysts were also predicting further downturns.
J.D. Power said it would reduce its 2008 sales forecast for the second time this year, dropping the estimate from 14.95 million vehicles to between 14 million and 14.5 million.
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