The Los Angeles exhibition, the second most important car show on the US calendar after the annual event in Detroit every January, is normally an opportunity for companies to unveil their latest models and sleek designs to car-crazy Californians.

Yet this year's show is taking place against the gloomy backdrop of an industry reeling under the weight of record losses, a global credit crunch and the prospect of a lengthy and deep recession.

The downbeat mood of the show was evidenced by the decision of two of the "big three" US automakers -- Chrysler and General Motors -- to scrap press conferences planned to trumpet their new models.

It was left to Ford to put a brave face on Wednesday's proceedings, with President for the Americas Mark Fields insisting that despite the financial turmoil, Los Angeles was an opportunity to show the company was continuing to develop new products such as its modified hybrid Fusion car.

"Clearly, there are lots of things going on in the industry right now, we're going to stay very focused to offering products that consumers are going to want to put on their list," Fields said.

"We're not going anywhere," he added, bristling at suggestions the US automakers were seeking a "bailout" from the US Government.

"What we're requesting as an industry right now is a loan, not a bailout," Fields said. "Loans get repaid. We have liquidity through at least 2009, but we never know what's going to happen in terms of the economy.

"So we're in Washington right now, as a company and an industry, requesting at least access to capital, if necessary."

Earlier, Renault-Nissan chief Carlos Ghosn had set the tone by warning that automakers must adapt to survive the current crisis, comparing the present climate to the Great Depression.

"The United States and the rest of the world, and there's absolutely no doubt about it, are today in a very serious and worrying situation," Ghosn said. "The credit flow is far from normal, and the recession that began in the US is now spreading. It's going to be deep and affect everybody.

"This extreme level of volatility has not been seen in decades, maybe not since 1929," Ghosn said. "We're going to have to adapt, to innovate, to get out of the storm."

One highlight amid the gloom on Wednesday was the world premiere of a fully-electric Mini E from German automakers BMW.

BMW chief executive Norbert Reithofer said the car would be initially made available for lease to a limited number of 500 customers in Los Angeles and New York later this year before going into full production.

"By the end of the year, we will have 500 Mini Es available to customers in LA and New York City, and very important for us, their experiences with this electric car will provide valuable input -- how customers like to drive it (...) what kind of infrastructure do we need," he said.

"This input will help us to prepare for serious production."