Is the Automotive Industry Recovering?
The automotive industry degenerated into the poster company for the recession in 2009. Bankrupt and asking the U.S. government for funds, GM and Chrysler seemed to be banking on the impossible. They chose the tactic of emphasizing their problems to Washington while reassuring the public that it can still provide competitive vehicles. Ford evaded this marketing collision by refusing government help, despite losing $1.4 billion in the first quarter of 2009. With these dismal sales and Congressional hearings dominating 2009, do the Big Three have what it takes to boost consumer confidence and sales in 2010? Fourth quarter figures from 2009 suggest that the automakers can recover. Unsurprisingly, Ford made the biggest gains, increasing its total sales by 33.5% in December 2009 compared to sales in December 2008. Chrysler’s total sales dipped, but only slightly thanks to a big increase of 30.9% in car sales. GM was the hardest hit. Yet, its total sales in December only dropped 5.6 from Dece
