2010 was a part of a global financial downturn. The crisis affected European and Asian automobile manufacturers, but it was primarily felt in the American automobile manufacturing forex factory crude oil inventory today. Car companies from Asia, Europe, North America, and elsewhere have implemented creative marketing strategies to entice reluctant consumers as most experienced double-digit percentage declines in sales. Major manufacturers, including the Big Three and Toyota offered substantial discounts across their product lineups.
In 2008, the Chinese government reduced automotive taxes in order to spur flagging sales. In January 2009, Chinese auto-manufacturer Chery reported unprecedented monthly sales. Citing falling production numbers, the State Bank of India reduced interest rates on automotive loans in February 2009. For the first few months of 2009, Tata Motors conducted a widespread marketing campaign heralding the debut of the Tata Nano. Billed as “the people’s car”, the manufacturer hopes the low cost will encourage customers to purchase the vehicle despite the ongoing credit crisis. With high gas prices and a weak US economy in the summer of 2008, Toyota reported a double-digit decline in sales for the month of June, similar to figures reported by the Detroit Big Three.
On 5 December 2008 Honda Motor Company announced that it would be exiting Formula One race with immediate effect due to the 2008 economic crisis and are looking to sell the team. Honda has predicted that there may be reductions among part-time and contract staff. Nissan, another leading Japanese car manufacturer, announced that it also would be slashing production and will reduce its output by 80,000 vehicles in the first few months of 2009. In December 2008, Suzuki, Japan’s fourth biggest car manufacturer, announced that it will cut production in Japan by about 30,000 units due to falling demand. The company is expected to face its first profit drop in eight years for financial year ending in March 2009. Reported in Bloomberg on December 23, 2008, that Mitsubishi Motors is to widen production cuts on falling demand. The Japanese maker of Outlander sport-utility vehicles, will scrap the night shifts at two domestic factories as the deepening global recession saps auto demand.
The carmaker will halt the night shift at its Mizushima plant, excluding the minicar line. Nighttime work at the Okazaki factory will stop from February 2. Toyota, on December 22, 2008, slashed profit forecasts amid a sales slump. 555 million for the year ending in March 2009. Their sales in the United States were down 34 per cent and were down 34 per cent in Europe as well. On November 4, 2009, Toyota announced its immediate withdrawal from Formula One, ending the team’s involvement in the sport after eight seasons. The Hyundai Genesis named the 2009 North American Car of the Year.
South Korean automakers have been generally much more profitable than their US and Japanese counterparts, recording strong growth even in depressed markets such as the United States. Hyundai-Kia’s continued success was unusual at a time when most automakers saw their sales falling sharply, with leading automaker GM even filing for bankruptcy. Hyundai-Kia took significant advantage of the prolonged automotive crisis by producing affordable yet high quality and well designed vehicles. Unlike others, this crisis turned into an opportunity for many South Korean automakers.