auto sales

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US Auto Market Going Sane

(Newser) - After years of big cars and even bigger sales numbers, forces are conspiring to turn the US auto market into something much more like its European counterparts, the LA Times reports. Fashion statement SUVs are giving way to more efficient, more reliable cars, analysts say, which people are expected to... More »

Seeking Sales Bump, GM Targets Middle East

New models will be introduced soon

(Newser) - General Motors hopes to rebound from a 19% first-quarter drop in Middle East sales by introducing new models and helping buyers with down payments, Reuters reports. "There are a lot of people who walk into showrooms who aren't able to buy because they can't get financing," says the... More »

Car Lovers Just Don't Get Keyed Up Anymore

Romance with Detroit's best is fading

(Newser) - Where have all the car buffs gone? For many, the allure of that new car smell is fading: Figures show new-vehicle sales are down 38%, and despite warranties lasting 7 or 10 years, 40% of last year’s trade-ins were less than 4 years old. But recession is only partly... More »

'Car Bubble' Blows Up on Automakers

Sales were artificially high in boom years; rebound unlikely

(Newser) - The housing boom brought a car bubble along for the ride, and now that one has burst, so has the other, reports the Washington Post. Thousands of cars are sitting on lots and likely to stay there. “You had a huge number of cars being sold," says Steven... More »

More Big Auto Sales Drops: GM Off 45%, Ford 41%

(Newser) - Automakers got hammered again last month, with Detroit’s Big Three all reporting big sales drops today. Ford’s light-vehicle numbers were down 41%, the AP reports; General Motors’ fell 44.7% and Chrysler’s 39.3%, the Wall Street Journal adds. Foreign manufacturers weren’t immune, either, with Toyota’... More »

Sinking Car Sales May Be on the Rebound

Today's figures 'as low as it's going to get': analyst

(Newser) - Figures to be released today are likely to show a third straight month of annualized new-car sales below 10 million, the Wall Street Journal reports—but there’s a chance those numbers have hit bottom. Considering the size of the American consumer market, today’s figure “is about as... More »

Ford to Make Car Payments for Buyers Who Lose Jobs

Firm will cover up to $700/month for a year

(Newser) - With auto sales battered by the recession and tight credit, Ford is offering a payment protection plan to reassure consumers delaying buying new cars because of job-loss fears, the AP reports. The automaker will cover payments of up to $700 each month for up to a year on any new... More »

Chinese Sell More Cars Than US Automakers

In January, for the first time ever, more vehicles were sold in China than the US

(Newser) - China’s domestic auto industry managed to sell more cars last month than US automakers for the first time ever, reports the Wall Street Journal. GM said 790,000 vehicles were sold there in January, eclipsing the 657,000 sold in the US. But, experts say, the economic slump may... More »

Auto Sales Off Again: GM 49%, Ford 40%, Toyota 32%

Double-digit US losses expected to continue

(Newser) - Three automakers said today their US light-vehicle sales plummeted again in January: General Motors fell 49%, Ford 40% and Toyota 32%. It’s an abysmal start to 2009 for the industry as sales to fleet buyers like rental car companies weighed down the results. Chrysler and other automakers also are... More »

Chrysler Needs $3B From Feds to Lock Deal With Fiat

The automakers have agreed to an alliance, but only if Chrysler gets another loan

(Newser) - Chrysler and Fiat have agreed to a deal that would give the Italian automaker a 35% stake in the US company, but there’s a hitch: it doesn't become final unless Chrysler bags another $3 billion from the federal government, reports the Wall Street Journal. The partnership will give Chrysler... More »

Stocks Slide on Auto Fears

Dow dips

(Newser) - Stocks slid at the open today, as investors looked with trepidation toward a likely-to-suck auto sales report. The Dow edged down 50 points, while the Nasdaq and S&P lose 0.9% and 0.7% respectively. Analysts believe auto sales will have fallen by about 40% for December. But GM... More »

Feds' Cash in Hand, GMAC Kicks Credit Into High Gear

Automaker offering new, low financing options for consumers

(Newser) - Now that the Treasury Department has pumped $6 billion into GMAC, its lending arm, GM, along with its dealers, is rushing out new financing deals for credit-strapped consumers, the Wall Street Journal reports. “The minute the news hit, we began contacting customers,” said one Michigan dealer, whose employees... More »

More Families Ditch the 2nd Car

Analysts see rare year-over-year drop in US vehicle fleet

(Newser) - As more US families give up second vehicles in favor of public transportation, “it’s very likely the fleet will shrink next year,” an industry analyst tells Bloomberg. The number of cars on the road has gone down only nine times in the past century, and another decrease... More »

US Ports Awash in Foreign Cars

Masses of unsold imports back up in lots

(Newser) - The new car market is so flat that massive numbers of imported vehicles are being warehoused at ports and other available space, Reuters reports. Toyota, Nissan, Honda, Mitsubishi, Volkswagen, and other dealers can't take fresh deliveries because their sales lots are jammed with thousands of unsold vehicles. Demand for all... More »

GM Sales Off 41%; Toyota, Ford, Honda All Down 30%

Bad times for autos of every stripe

(Newser) - General Motors' November US sales plunged 41%, while Ford's dropped 31%, dashing hopes that the industry-wide drop in vehicle demand might be easing as Detroit's automakers prepare to state their second case for a federal bailout. Their overseas rivals posted abysmal results as well. Toyota's November sales tumbled 34%, and... More »

Luxury Car Sales Hit the Skids

Shine wears off top end of auto market as downturn bites

(Newser) - Sales of luxury cars are dropping as fast as their downmarket counterparts, the Wall Street Journal reports. Sales of top-end vehicles plunged 30% last month, spelling major trouble for carmakers who had been relying on fat profit margins on luxury cars to offset falling demand for mass-markets vehicles. Analysts... More »

And on the Seventh Day, They Stop Selling Cars

In 14 states, Blue laws keep dealerships closed ... and that's just fine with them

(Newser) - With the American auto industry in dire straits, you might think dealers would be working 24/7 to move merchandise. But in 14 states and scattered counties elsewhere, Sunday sales are against the law—and many dealership owners like it that way. The Wall Street Journal visits Rhode Island to look... More »

GM Sales Off 45% as US Auto Sales Hit 25-Year Low

Asian brands add market share amid sales freefall

(Newser) - US auto sales dived in October to levels not seen since 1983, Bloomberg reports.  GM, Ford, and Chrysler saw sales drop 45%, 30%, and 36% respectively as credit dried up and consumer confidence plummeted. Toyota, Honda, and Nissan all saw sales fall over 20%, but managed to gain market... More »

Stocks Flat; Oil Falls $3.90

Energy concerns take a hit as crude plunges

(Newser) - Stocks held steady today, with the indices ending the session only a few points removed from their opening marks, MarketWatch reports, with General Motors and Ford reporting mammoth October sales drops, and crude plunging $3.90 to $64.25. The Dow fell 5.18 to 9,319.83. The Nasdaq... More »

GM Calls for Help

Firm reiterates urge for government assistance

(Newser) - General Motors is not thinking of filing for bankruptcy, Reuters reports. Instead, an exec said, "There is a strong need for coordinated federal action" to weather the economic crisis as US auto sales slide. Filing for bankruptcy "would not benefit our customers, our dealers, or our employees,"... More »

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