Ask the Detroit Three. Apparently they're suffering more pain due to the rapid decrease in auto sales in Europe.
Things appear to be worst for Ford and General Motors. The two had been relying on sales overseas to help to overcome declining sales here in the States. But sales domestically have fallen below 1 million for the first time since 1993 and the credit crunch is said to be the reason.
The U.S. credit meltdown is now making its way overseas and affecting economies in Europe and other regions. Pundits say that U.S. automakers will have to cut costs in Europe and merge such markets as Russia and China that appear to be slowing down.
This is why the Detroit Three staunchly supported the $700 billion plus rescue or bailout recently passed by Congress and signed by president Bush.
More details and numbers can be found at the link below. Our take? Unfortunately, it looks like the situation is going to continue to worsen. Will we finally see the collapse of an American icon? We're not hoping so.