WRAPUP 2-Nissan, Suzuki slash forecasts as auto gloom deepens

viernes 31 de octubre de 2008 11:04 CET

* Nissan, Suzuki profits punished by strong yen

* GM/Chrysler merger on hold as govt aid hopes fade-sources

* Nissan retracts dividend target as Q2 op profit halves

* Japan auto shares fall before results, Renault sinks (Adds details, market comment, Renault share moves)

By Chang-Ran Kim, Asia autos correspondent

TOKYO, Oct 31 (Reuters) - Nissan Motor (7201.T: Cotización) and Suzuki Motor (7269.T: Cotización) capped a turbulent week for automakers everywhere with their own profit warnings on Friday, as executives predicted a rough ride for the foreseeable future.

On top of an economic slowdown around the world and a credit crisis that is shutting many consumers out of auto-loan financing, Japanese automakers are battling a stronger yen, which shaves the value of earnings made abroad.

"I have no idea how long this situation will last," Suzuki CEO Osamu Suzuki told a news conference. "The crisis in the United States will probably ripple through the rest of the world like a tsunami, sooner or later."

Efforts by U.S. automakers Chrysler and General Motors Corp (GM.N: Cotización) to forge a merger to help them ride out the crisis hit a snag after the Bush administration ruled out funding the plan, sources told Reuters late on Thursday. [ID:nN30307369]   Continuación...