cancelled

Soaked in bad news, GM and Ford received yet another dousing when their three big European credit insurers dropped them this week. Euler Hermes, Atradius, and Coface have all refused to write policies for suppliers trading with both automakers. The three giant insurance companies control more than 80 percent of the world's credit insurance (insurance companies typically pull their coverage when a client stops proving insurers with enough information to calculate a credit risk, or their overall risk profile has deteriorated). Without their credit cover, suppliers will be forced to either trade uninsured, cease trading, or ask for payment up front. Supply issues aside, this news only compounds the automaker's problems as it also weakens investor confidence, already completely slumped.

Click above for a high-res gallery of the Lexus LF-A concept.

The writing has been on the wall for some time. Although the Lexus flagship graduated from "concept" to "prototype" when it campaigned in the 24 Hours of Nurburgring, Toyota has refused to even hint at a production date for the V10 supercar. Then Toyota declined to plonk an LF-A silhouette on their Super GT racer, electing to continue with the doomed SC 430 jello mold.

Click on the image above for our high-res 2008 Cadillac STS gallery