Renault-Nissan chief Carlos Ghosn said carmakers must adapt to survive the turmoil threatening the industry as the Los Angeles Auto Show got underway here Wednesday. In an opening address, Ghosn described the current financial crisis as "very serious" and compared the climate to the Great Depression.
"The United States and the rest of the world, and there's absolutely no doubt about it, are today in a very serious and worrying situation," Ghosn said. "The credit flow is far from normal, and the recession that began in the US is now spreading. It's going to be deep and affect everybody.
"This extreme level of volatility has not been seen in decades, maybe not since 1929," Ghosn added, noting that October was the worst month for US Auto Sale in a quarter of a century. "We're going to have to adapt, to innovate, to get out of the storm," Ghosn added.
Regarded as the second most prestigious auto show in the United States after Detroit's annual event, the Los Angeles fair usually sees carmakers show off cutting-edge "green" vehicles or luxury cars hugely popular in California.
However this year's event is taking place against a gloomy backdrop of a record losses, the global credit crunch and a looming recession.
In a sign of the times, two of the "Big Three" US carmakers, General Motors and Chrysler, have scrapped plans for press conferences in Los Angeles.
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