Financial Crisis
December 15th, 2008 |It’s undeniable that the crisis now starts to show it’s impact in europe. Have a look on Volvo’s Truck sales in the 3rd quarter 2008 vs. 3rd quarter 2007:
- 3rd quarter sales 2007: ~42.000 trucks
- 3rd quarter sales 2008: 115 trucks
The crisis hits the automobile industry (warning: pun ahead) like a truck. Volvo will try to get rid of about 1.400 employees. Scania, also a truck-manufacturer, wants to reduce it’s sales figures by 2.000 salaries. Now this is just a start. With the car manufacturers themselves facing ridiculous loss in profit, all their suppliers will get sucked into problems. Also, all the car retailers will feel the pain.
The business surrounding automobiles is huge, and it’s in big trouble. Other industries will have similar, at least also unnegotiable, issues. More people will loose their jobs.
See banks. See marketing. See every industry that doesn’t provide necessities, but luxury.
As of now we’re sitting in a bubble still over here in austria, and I’m more than happy that neither I nor any of my friends & family had harsh trouble. I just wish, for me and for them, that we’ll get through this crisis as smooth as it seems these days.