Japanese auto sales are heading for a 34-year low, according to reports. October had already seen a 13.1% drop year-on-year, but November is understood to have been much worse, with a drop in sales of cars, trucks and buses of 27.3% over the previous year.
A new report has shown that sales are predictably down in the US and Europe, but the stats have still sent shockwaves through the Japanese car industry. Japanese carmakers like Toyota and Nissan have already sharply downgraded their forecasts for the full year, and the latest figures suggest the worst year since the seventies.
Nissan's CEO has already hinted at a need for state support amongst car makers in Japan, Europe and America, and further calls are expected to be made throughout the week. With November sales figures around the world starting to come through this week, all eyes will be on the automotive industry and its manufacturers as a yardstick of how deep and universal the global economic downturn is proving to be.
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