Industry analysts say the situation in Libyan has added a "crisis tax" at the pump. The Japanese earthquake and tsunami will tighten supply of autos from Toyota, Nissan, Honda and others, which could
mean higher prices and longer waits.
And the Dow Jones Industrial Average slipped below 12,000 points for the first time in nearly two months, with automotive stocks particularly
battered by the trifecta of Middle East unrest, Japan's tragedy and market confidence slippage. General Motors, which last week saw shares dip below its $33 IPO price, slipped another 34 cents, to
$31.59, at the closing bell. Also down were Ford, and the Japanese companies. Toyota lost $3.92, closing at $81.73 on the New York Stock Exchange.
One analyst points out that "no one
knows" whether things will turn around soon, as thousands of vehicles have apparently been lost at ports across Japan, including 1,300 Infiniti vehicles that were being held at the port Hitachi.
Currently, all of the models sold by Nissan's luxury division are produced in home market plants. Various sources suggest that even a short shutdown could result in the loss of anywhere from 100,000
to more than a quarter million Japanese-made vehicles.
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