German carmakers estimate they could lay off 100,000 employees. Sales are sagging, and the credit crunch is as bad in western Europe as here, so German makers can’t borrow to retool factories.
And, like American companies, the Germans fueled much of their sales growth in the first half of the decade by offering easy credit to customers. And, like here, they can’t do that now either.
Opel (German’s GM subsidiary), VW, Daimler and BMW are all seeking guaranteed loans from Berlin.
Read the full story for all the woes of the Euro auto industry.
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