Sample Essay

Financial crisis is considered as a menace that cannot be disregarded easily. Different organizations were tarnished and torn into pieces just because of the financial crisis. The financial crisis actually initiated in the banking industry and slowly and gradually it affected other sectors as well. The automobile industry was affected severely by this financial crisis. The global financial crisis jolted the entire economy of the world and like other sectors the automobile industry was badly affected by this. The crisis in the automobile industry actually shocked other sectors as well and this economic downturn tarnished the economic growth of many developing nations. That is the reason why it is considered as the part of global financial downturn.

Research actually depicts that this crisis badly affected the European and the Asian manufactures of automobiles. But slowly and gradually it affected the automobile industry of America. The demand of the cars was severely affected by the economic downturn and this affected different organizations in both the short and the long run. This is the reason why General Motors started downsizing and thousands of employees were fired during this scenario. The officials of the company said that this was the last option for the company because GMC might even file a bankruptcy if employees were not fired from this organization. General Motors laid off 30,000 employees in Detroit and closed down nine plants and research suggests that the auto giant lost about $4 billion in 2008. However, the biggest misery of the financial crisis was the scenario that it transferred its effects into the upcoming years and the Swedish version of General Motors is planning to lay off 750 employees in Trollhattan (Reuters, 2009).

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