Geneva Motor Show: Fast Cars and the Credit Crisis

Geneva is hosting auto manufacturers from all over for the globe this week for the 79 thInternational Motor Show. It’s no secret that the auto industry has been hit particularly hard since the onset of the recession, but as the as this year’s motto says, "the show must go on."


Luxury car makers like Ferrariand Rolls Royceshare forecourt space with the makers of everyday vehicles like Ford and Peugeot, as they unveil their latest models and take a peek at what the competition has to offer.

However, it is not just the cars that are making an impact this year. The CEO's, chairmen, and board members of the companies that make the cars are getting just as much attention. Here is what a few of them had to say to CNBC:

General Motors

General Motors expects weak sales in the US for February, which will be an "exceptionally weak" fleet month for automakers due to production cuts. ~ Fritz Henderson, COO of GM

"General Motors Europe, as symbolized by Opel, probably needs about $7 billion." ~ Bob Lutz, Vice Chairman of GM

Rolls Royce

"Makers of luxury autos such as Rolls Royce are insulated from the economic downturn compared to companies like General Motors, but not immune." ~ Tom Purves, CEO of Rolls Royce


"The scrapping scheme that was created here (Geneva) is helping non-German car makers much more than the German ones." ~ Dieter Zesche, CEO of Daimler


"Our objectives have always been to have internal self funding, allowing for sufficient cash flow to pay for investments in the future, and even though markets have a heavy decline, market penetration for January and February are right on track." ~ Rupert Stadler, CEO of Audi


When asked if Renault was planning on getting rid of Nissan: "Of course not. The two companies are working together. Nissan, Toyota and Honda have problems in the short term, but unlike GM, the engine is very good. This is a short term issue, not a long term issue." ~ Patrick Pelata, MD of Renault

The future of the global auto industry may be uncertain, but one thing is for sure - there are a whole lot of beautiful cars in the world.

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