Australian car industry crashes: worst sales in 30 years

The Australian car industry has crashed as business confidence is low; sales are now the worst they have been in 30 years. Fleet sales are falling sharply and 2009 is expected to get much worse, this is the same story across the globe.

Australian motor vehicle sales fell by 14.5 percent in 2008; a direct result of the global credit crisis. Car sales in the US fell by 40 percent, which has lead to them being giving a handout from the US Congress of $13.4 billion.

The poor sales in the motor industry will increase the pressure on domestic manufacturers; General Motors, Ford and Toyota have all seen a huge slump in sales in their home markets. The slump in car sales has already affected other areas, such as the F1 Honda team pulling out of Formula One.

Read the full article