Like many countries around the world, the recent global economic crisis has hit France particularly hard, and its government is looking for ways to turn that around. According to Reuters, French president Francois Hollande (pictured above) is hoping that a handful of advanced transportation technologies will spur job and economy growth in the country. Proclaiming "France is a nation of inventors, pioneers and producers," Hollande is reportedly calling upon his country's history of innovation to
The bad economy looks to be getting deeper over in Europe. The latest evidence is German carmakers' desperate efforts to prop up badly-lagging sales. Last month, European discounts on German brands averaged 12.2 percent. And now, Mercedes-Benz is offering a 3000-euro ($3,900) trade-in incentive to customers.
This may come as a surprise, but Ferrari is apparently mortal. Although it has denied being affected by the global economic crisis, the Italian supercar maker has announced plans to lay off up to 10 percent of its workforce this week. This comes on the heels of announcing in November that sales had dropped from around 600 units per month to a miniscule 92 sales worldwide. As many as 300 workers could be idled after negotiations with Italy's trade unions. So much for thinking it might be recessio
We knew the auto industry was in bad shape and it didn't take long to extend its poisoned-tipped tentacles into the world's automotive juggernaut. In August came news that the Japanese automaker had cut its sales forecast for 2008 from 10.4 million vehicles to 9.7 million. A Japanese newspaper, though, says it expects Toyota to only sell 8.3 million for the year. If true, it would be the company's first year over year sales decline in a decade.