European Carmakers Hardly in the Driver's Seat

The condition of Europe's carmakers is hardly healthy, but unlike their Detroit counterparts they are still some way from the critical list. J.D. Power, a market-research firm, forecasts that the western European market will shrink by 7.9 percent this year, compared with a 16 percent drop in America. But things are getting grimmer by the day. J.D. Power expects a further 10.5 percent contraction in Europe in 2009. Renault, which is cutting 6,000 jobs in Europe, thinks the market could shrink by 20 percent.
Source: The Economist