The Global Auto Industry Is Likely in First Recession Since 2009

The global auto industry is poised for its first sustained production drop since the financial crisis, according to RBC Capital Markets.

Worldwide light-vehicle output fell 2.9 percent in the third quarter and probably will decline about 4 percent in the fourth quarter, analyst Joe Spak wrote in a report Wednesday. This will be the first back-to-back industrywide drop since 2009, he said.