Just when the whole world is deep in fears of recession creeping in, Prominent automakers General Motors and Ford Motors jolted the already gloomy sentiments of the investors by announcing a loss of 4.2 Billion $(GM) and ford too ended up depleting its asset base by 7.7 Billion $ following which ford has announced to resort to Job cuts and layoffs.The US Auto Industry is reportedly seeking billions of dollars as financial aid from the Federal. Ford on the other hand is looking for a bridge loan.
After the financial crisis the next potential threat was deemed to be the Credit card crisis but looks like the autocrisis is likely to hit earlier than it.
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