2008 to be the worst year EVER for autos?

Three top investors in the automotive industry painted a grim picture on Sunday for the sector in 2008, with one executive predicting a possible slump in U.S. sales to levels not seen in 15 years.

The weakest forecast is for a possible 9.4 percent decline. But all three -- Jerry York, an adviser to billionaire investor Kirk Kerkorian; financier Wilbur Ross; and Thomas Stallkamp, a former Chrysler president -- were more pessimistic than many in the battered industry.

"While I am very negative on the autos sector over the next 12 to 18 months, I'm just not sure how bad it could be," York, a former board member of General Motors Corp (GM.N: Quote, Profile, Research) and chief financial officer of Chrysler, said at the Reuters Autos Summit in Detroit. "We all know housing is a debacle."


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EL34 - 11/18/2007 11:54:17 PM

+1 Boost

Very soon we will have $4.00 for regular unleaded.

Goodbye V8's.

:(

EnnNorak - 11/19/2007 9:13:20 AM

+1 Boost

What do you mean Goodbye V8's -- Cadillac still has its very efficient DOHC NorthStar V8 which gives better gas mileage than many el-cheapo V6 engines. A V8 is smoother than a V6 and we can always lower engine displacement and adopt lighter aluminum bodies if fuel cost gets too high. By the way, forget rising gas prices -- cheap hydrogen fuel is just around the corner accorning to researchers Logan and Cheng who have a new method of converting cellulose and other biodegradable organic materials directly into hydrogen using microbial fuel cells.

bobus - 11/19/2007 7:01:20 PM

+1 Boost

"Very soon we will have $4.00 for regular unleaded."


It's already here in SF Bay Area.

iamdabest1 - 11/19/2007 12:17:41 AM

+3 Boost

i agree, i think you will see a massive slowdown in sales of large suv's.

people who bought them for the looks will definitely not be interested in those massive trucks.

you will see tons of civics- hybrid type vehicles out.
i drive an m3 and ill admit at 11 mpg,and 3.50 a gallon its starting to bother me.,

Agent001 - 11/19/2007 12:33:05 AM

+2 Boost

switch to a 335, all the fun of the m3, none of the guilt...I'm gettting 23 city, 28 highway

001

Agent001 - 11/19/2007 12:34:16 AM

+2 Boost

MANUAL, of course!

001

Heyhuub - 11/19/2007 3:11:05 AM

+1 Boost

Overhere i already pay 1,50 euros per litre.

jeffy210 - 11/19/2007 9:32:27 AM

+1 Boost

FYI that's $8.29 / gallon for all the US'ers here.

Rupert - 11/19/2007 10:02:19 AM

+1 Boost

Roughly the same here in Britain...

xj13 - 11/19/2007 4:39:54 AM

+4 Boost

Buy a Diesel?

tcatnat - 11/19/2007 7:23:48 AM

+3 Boost

Diesel infrastructure in the US is severely lacking. When I lived in NY the four closest gas stations to my home did not even have a diesel pump.

ThierryHenry14 - 11/19/2007 11:22:15 AM

+1 Boost

Diesel in the US is not as popular, for whatever reason, in the Northeast. They should make it more widespread.

NARunner - 11/19/2007 7:58:26 PM

+3 Boost

here comes the recession folks...poor consumer spending during the holidays is the next piece to the puzzle

EnnNorak - 11/21/2007 5:05:48 PM

+1 Boost

I too have finally joined the legions of gloom and doom prophets that predict a near certainty of a recession. Luckily, almost all of my assets are safe, highly liquid, and have an above-average yield. I'm not making any major moves until the dust settles. Consumers would be wise to ignore Christmas altogether, stop smoking and drinking, and stop buying anything until their maxed-out credit cards are paid off. Once the recession becomes full-blown, it will be an avalanche of home foreclosures and repossession of vehicles.

Financial irresponsibility can never go on forever -- sooner or later the bubble bursts and only those who took defensive measures survive.

enthusiastx11 - 11/19/2007 8:52:17 PM

+2 Boost

where did you guys get "worst year EVER from?" falling back to 1993 levels is still 14million+ cars sold.

S4cabriofoxone - 11/20/2007 10:32:09 PM

+1 Boost

I was thinking the same thing... that could have been adjusted to "...worst year in the last decade!" or "...worst year of the twenty-first century!"