Financial Times FT.com

To ditch a car subsidiary is new vogue

By John Reed in Detroit

Published: February 23 2009 20:31 | Last updated: February 23 2009 20:31

Worldwide, people defaulting on mortgages are leaving homes behind. In the car industry, manufacturers are cutting their losses and ditching subsidiaries.

Cash-strapped owners of overseas marques are turning to their host governments with politically charged pleas for public funds. Write us a cheque, they say in effect, or we will need to close up shop at some of your country’s largest employers.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this