General Motors Corp. and Ford Motor Co. profits may be hurt next year as U.S. consumers sock away more savings and buy fewer new vehicles,
Goldman, Sachs & Co. said in a report, according to Bloomberg News.
GM, Ford Profits May Be Hurt in ’03, Analyst Says
by Staff
September 6, 20021 min to read
The investment banker lowered its automotive sales forecast for 2003 by 4.2 percent to 15.9 million light vehicles.
Goldman Sachs predicted that demand will fall after four straight years of record and near-record vehicle sales that were spurred by big discounts and cheap financing.
The report called a potential drop to 15 million vehicles for 2003 and 2004 "realistic."
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