European Carmakers Slash Output

BWM, Daimler, and Renault are temporarily closing factories in the face of falling demand, while others like Peugeot-Citroen sharply cut production

German and French car makers have temporarily closed their factories as demand falls due to the financial crisis. Meanwhile, additional German banks are seeking state aid, while Eastern European economies have also been badly hit, with the IMF bailing out Hungary and Ukraine.

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