So much hype has been given to the financial crisis-- dubbed as the world's worst since the Great Depression. And it seems the hype is well-founded. Everyone is affected and car dealers and manufacturers have started to feel the crunch since last year.
Honda has officially pulled out from the 2009 F1 race after posting a sharp plunge in profits. A number of manufacturers have laid of thousands of workers. Companies are likewise finding new ways to cut their costs.
Here, AutoNews reports that is shutting its design studio at its research-and-development complex in suburban Detroit and moving the work to its main U.S. design studio in San Diego to cut costs.
The design studio in Farmington Hills, Mich., opened in 2005. Nissan spent $14 million on the studio as part of an $80 million expansion project at the R&D facility.
The worst new is this: In addition to closing the design studio, Nissan also said it is closing four regional sales offices. In all, the automaker expects to cut about 100 jobs.
I really hope this financial crisis gets solved sooner than later.
Honda has officially pulled out from the 2009 F1 race after posting a sharp plunge in profits. A number of manufacturers have laid of thousands of workers. Companies are likewise finding new ways to cut their costs.
Here, AutoNews reports that is shutting its design studio at its research-and-development complex in suburban Detroit and moving the work to its main U.S. design studio in San Diego to cut costs.
The design studio in Farmington Hills, Mich., opened in 2005. Nissan spent $14 million on the studio as part of an $80 million expansion project at the R&D facility.
The worst new is this: In addition to closing the design studio, Nissan also said it is closing four regional sales offices. In all, the automaker expects to cut about 100 jobs.
I really hope this financial crisis gets solved sooner than later.
1 Responses to "Auto industry feels the crunch"
January 28, 2009 7:28 AM #
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