US Auto Industry: Hit by Recession?
We all know the US economy is still as strong as ever despite the occasional issues on terrorism and the coming election. However, there were reports that the US automotive industry is experiencing recession. How true?
In an event in South Korea, Nissan Motor CEO Carlos Ghosn has expressed concern for the U.S. auto industry saying that it is in a recession. He told reporters that the high cost of materials such as iron ore, precious metals and aluminum used in producing cars represent risk for the industry. But then, he also said that the U.S. auto market “will not stay in a recession for a long time.”
I believe that. While automotive sales have gone low in the past years, as long as the American economy remains in shape, the US automotive industry can weather the storm. Let’s all think positively, people.