With bankruptcy for all three US automakers not just a possibility but a probability without drastic action, Pres. Elect Obama used his first official news conference on Nov. 8 to offer help for the nation's "backbone of manufacturing."
Volkswagen briefly became the world’s largest company by market capitalization after an extraordinary surge in its share price driven by a near-panic by hedge funds and other traders to stop losses on positions betting on a fall in the stock.
U.S. consumers will buy 13.9 M vehicles in 2008 and Edmunds.com forecasts 13.7 M for 2009. This down due to a 26.6% drop in September sales, the lowest since 1993. U.S. sales are now 2 million units below 2007, as consumers are keeping vehicles about 4 months longer, according to J.D. Power, which sees 2009 sales dropping to 13.2 M vehicles.