“Conventional wisdom has it that premium manufacturers do better in a downturn because people with more money can weather the storm,” said Michael Tyndall, an automotive specialist with Nomura in London. “This time it’s different.”
UPDATE: A plugged-in reader reports:
I saw a report from BMW North America that shows 7-series sales at 23 cars for Jan 09 versus 710 for Jan 08 (a 97% decline). The Z4 sold 45 in Jan 09 v 363 in Jan 08. Overall, BMW was off “only” 21% for Jan 09 v Jan 08 – however, the overall Feb sales are reported down by 32%.
Then again, who drives a BMW in San Francisco…
∙ Rolls-Royce, Ferrari Suffer as Slump Reaches New Rich [Bloomberg]