Foreign car makers, predominantly the Japanese, sped past their sputtering domestic competitors in July, outselling Detroit for the first time in history. In their worst month in more than 2 years, the Big 3's July market share was just 48.1%, the Detroit News reports, down 185,000 cars from last July.
GM reported a 22.3% drop in sales, Ford 19.1%, and Chrysler 8.4%. Higher fuel costs, economic uncertainty and tightening credit are being blamed, but industry experts say the reasons for the decline cut much deeper. "This is more than 30 years in the making," said a Ford sales analyst.