Credit Crunch hits Cars, Ford, Toyota and GM Motors

It seems no industry is safe when it comes to the credit Crunch car giant Ford Motors Co. slumped 24 percent at times on the day’s trading hitting a 26-year low, the stock closed down at $2.08 dropping 21.8 percent. Analysts warn that the auto trade decline that started in America is spreading, and one forecaster warned we could be heading for a total collapse of the global auto trade in 2009.

It wasn’t just Ford that received a stock battering, General Motors Corp crashed down 33 percent to $4.65, and according to Global finance data this took its market capitalization down to the lowest level since 1929. The stock closed at £4.76 down 31.11 percent today on the New York Stock Exchange.

Toyota shares fell sharply knocking $33 off its value, this being the sharpest percentage fall since 1987.

Auto sales in America have declined almost 13 percent in the first 9 months of 2008, and forecasters do not have high hopes for 2009.

Source: Guardian

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