Click above for high-res image gallery of the Pontiac G8 GT
The entire auto industry is hurting right now, and financial news from Nissan today is the latest evidence to support that overused statement. Nissan announced that it's shifting profit forecast for the fiscal year ending March 31, 2009 down by 65.9% (!) to $2.62 billion. To keep inventory in line with reduced demand, Nissan is also cutting its annual production forecast by 200,000 units and will shed 3,500 jobs. The U.S. job losses will come from a previously announced voluntary buyout program
Auto sales are tough around the globe and production cuts are occurring on a regular basis. Jaguar is planning to slow production at its Castle Bromwich plant by the end of the month in response to slow global sales. The XJ and XK output will be slashed due to a lack of demand. The production cut comes a month after Jaguar's Tata-owned stablemate, Land Rover, cut its Soilhill facility to a four-day work-week in response to slow sales. One bright spot for Jaguar is that UK sales are up a substant
BMW has achieved sales increases in the US for 16 straight years, but that impressive streak is going to end in 2008. BMW USA CEO Jim O'Donnell has decided to stop shipment of 44,000 vehicles destined for the States by the end of this year. The move was made to prevent pushing increased sales in a down market because too many incentives were needed to entice consumers. The weakness of the US Dollar vs. the euro makes high incentives unprofitable. Some vehicles, like the X3, are coming to the US
The 2009 Dodge Ram can't come soon enough. Chrysler, along with GM and Ford, will be turning out the lights in its Warren Truck Assembly Plant for a few weeks as of this month. The Jefferson North Assembly and Windsor Assembly plants will also be shut down.