US Automakers December Sales Shaping Up To Be The Worst In A Decade

Deliveries dropped about 5.6 percent at GM, 7.8 percent at Ford and 7.9 percent at Chrysler LLC, based on the average estimates of six analysts in a Bloomberg survey before tomorrow's reports. Smaller declines at Japanese rivals such as Toyota Motor Corp., which bumped Ford from the No. 2 spot at midyear, may help them gain market share over Detroit's money-losing trio.

Americans bought about 16.1 million cars and trucks for the year, the least since 1998, with year-end gasoline prices exceeding $3 a gallon for the first time and consumer confidence at a two-year low. Housing starts, one barometer for sales of profitable pickup trucks, are in the deepest slump in 16 years.

 

EnnNorak - 1/2/2008 2:53:07 PM

+1 Boost

This does not surprise me given the credit crunch that plagues us. Too many deadbeats have borrowed too much money that they can't pay back and too many amateur real estate speculators have gotten in over their heads. Irresponsible lenders are now forced to write off tens of billions in worthless debt instruments.

This all looks like the beginning of a big recession and calls for a huge infrastructure repair program. A good place to start is to repair all the crumbling bridges and potholed roads for the benefit of motorists. This could be financed by increasing federal gasoline taxes which would lower overall fuel consumption and reduce foreign oil imports.

sold2early - 1/2/2008 4:14:48 PM

+1 Boost

If the link above doesn't work, try this one:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=adkr7RAImG7g

S4cabriofoxone - 1/3/2008 1:59:15 AM

+1 Boost

Excellent!