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Manufacturers prepare to slash production

US and European carmakers are planning to cut total output by up to 700,000 vehicles over the next three months in an attempt to avert an industry downturn in 2002.

According to FT.com today, figures compiled from internal company reports and analysts' forecasts suggest vehicle manufacturers will "cut or redeploy some 80,000 workers as they trim capacity in the fourth quarter".

In Europe, carmakers including Renault, Volkswagen and Fiat have decided to cut output by almost 60,000 vehicles this month alone, citing volatile demand following September's terrorist atrocities in the US.

In North America, General Motors, Ford and DaimlerChryslerm are reducing production by a further 196,000 before the year-end, of which Ford alone will account for 120,000 vehicles. (October 8, 2001)

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