Financial crisis influences badly on car industry

Influenced by the financial crisis, car sales in the European and American countries have dropped severely.

The German automobile company BMW has said its car sales in September shrunk at least 20,000, a 15% decrease compared to the same period of last year.

Here is the one of the employees of BMW.

"We are all worried. We all know the situation right now. The production line will be shut for a week. Though it is better than being laid off, it is still quite disturbing."

Suffering from similar situation, VOLVO, a Swedish supplier of commercial vehicles, also said its sales in September fell sharply by 51%. The total loss of the first six months this year reaches up to 230 million US dollars. The company is planning to lay off some 3,300 employees globally.

The on-going financial crisis and the high oil prices are believed to be the causes that people became cautious on car purchasing. Insiders say the impact on car industry will grow even more severe as financial crisis goes on.