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Auto Sales Start 2009 at an Abysmal Pace
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USA car sales drop 37% in January 2009 over same period in 2008. Sales at GM dropped 49%, at Ford 40% and Chrysler 55%, at Toyota 32%, at Honda 28%, at Nissan 30%. Subaru and Hyundai saw sales increases. Analysts at IHS Global Insight say the stimulus package may help prevent things from getting much worse, but it would be wrong to count on the stimulus package for a pickup in sales in the second half of this year. This is ominous for the Detroit car companies as they seek government help to avert bankruptcy. Chrysler is hoping to make tieup with Fiat, but it will be a year before Fiat cars make it to the US and longer for its cars to be made in the US, so it is not clear what will happen in 2010. Ford's economists think the market is nearing bottom, but if that is not the case it may prove risky for Ford.
The impact of the global financial crisis of 2008 on the automobile market in the U.S with a decline in sales of 37% in Jan. 2009
02/04/2009
Over a third of car sales simply disappeared as the bottom fell off the automobile market by Jan. 2009- a scary period for auto companies and Detroit. The losses were worse for American companies- 55% for Chrysler, 49% for GM, and 40% for Ford Motor. Losses at Toyota were 32%. This was a disaster for the auto companies, especially Detroit.
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