SEPTEMBER 24, 2002
Automobile bosses gather in Paris
The big names in the automobile industry will be gathering this week in Paris for the Mondial de l'Automobile in the hope that the car markets will improve. The markets have been shrinking recently and no recovery is forecast before next year. If there is any future for the GPWC company we would expect there to be some form of announcement in Paris, but all the signs are that the automobile companies have probably decided not to continue with the idea of starting a rival World Championship to Formula 1.
There is also expected to be a major gathering of the Ford management clans to decide on exactly what it intends to do in F1 although it is not expected that there will be any major change in the Jaguar Racing program. The company is still in cost-cutting mode and Ford President Nick Scheele told analysts last week that the company still needs more aggressive cost cutting measures.