Car manufacturers feel the pressure of the global credit crunch as they review their figures for October. The monthly sales are considered to be the lowest performance of the auto industry in almost 25 years.
The numbers are not for the weak hearts as Toyota sales have declined by as much as 23%. Ford experience a year to year drop of 45% as its October sales took a nose dive down by 32%. Hondaand Daimler AG sales were also a lack luster with a 24% drop.
Other car manufacturers like Isuzu, Suzuki, and Porsche suffered a 45% decline.
The drop in sales of the automotive industry is on its 12-month straight, and is consistent with the projection of analysts who viewed businesses highly dependent on financing to suffer a great deal.