Financial Times reports that carmakers are now cutting off monies to producing and researching future vehicle models. Ford announced last week that it was "postponing production of a new version of its Transit van. BMW decided against creating the CS, a high-end car and the X7, which would have been its biggest SUV.
“The global auto industry is under extreme pressure right now as a direct result of the financial crisis,” says Christoph Huss, president of the international Association of Automotive Engineers and a group vice-president at BMW. “It is inevitable that some companies will be forced to review certain production and engineering projects, along with wider spending cuts in areas like marketing.” Huss says that cutting R&D is "not a viable option" since carmakers have to meet regulations to keep cars safer and more environmentally friendly.
With less research and development, and marketing budgets getting cut, it's not looking good for us marketers or the driving society as a whole. With less research we'll be nearly back to square one with pollution issues.
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