Oct
24
In another sign that the global economy is deteriorating fast, the European car industry is in serious strife.
First, we have Fiat admitting that it's burning cash and it warns that its profit could fall 65%. The only reason its third quarter earnings were anywhere near respectable was on the back of farming machinery sales. Then Daimler cuts its full year earnings forecast on the back of slowing auto sales. Then Renault and Peugot have also cut their forecasts.
If you need more detail on this, you can check this report in the Financial Times.
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