The auto industry hasn’t escaped the drama affecting the stock markets due to the US credit rating downgrade and the problems in the Eurozone. This month has been the worst ever since November 2008 for the Euro Stoxx Automobile and Parts Index as it lost €35 billion ($50 billion) or about 19%, of its value.
However, despite the slowing global economy, it is luxury carmakers like BMW, Mercedes-Benz and Audi rather than mass-market brands, like Fiat and Renault, that can withstand its effects better.
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