Auto industry on unsustainable path: Ghosn

NASHVILLE, Tennessee (AFP) - The global auto industry is heading down an unsustainable path and needs new technology to cope with record fuel costs, Nissan-Renault chairman Carlos Ghosn said Tuesday. "The doubling of oil prices to 130 to 140 dollars per barrel means that one billion dollars is being transferred every day to the oil producing countries," Ghosn told reporters as he dedicated Nissan America's new headquarters. "The (impact) is tremendous. I don't think it's sustainable, so something is going to happen. Less reliance on oil is going to happen," Ghosn said in a suburb of Nashville, Tennessee. "We argue that this change is going to have to come from technology." There is a large, untapped market for electric vehicles, Ghosn said, noting that a recent study from the Massachusetts Institute of Technology predicted... [read full story]