U.S. car sales crash as credit crunch tightens
Major American automakers saw sales tumble in September as higher gas prices and tightening credit turned potential buyers away in droves, according to figures released by car manufacturers on Wednesday.
The biggest loser was Ford Motor Co., which sold 120,788 trucks and cars in the month, a drop of 34.6 per cent compared with the same time last year.
Sport utility vehicles posted the worst performance of the company's sub-categories, selling less than 9,000 units in the month, off 57 per cent comparing September year to year.
Of all its car and truck models, only one in the Lincoln stable and the big Crown Victoria posted higher sales in this September compared with the same month last year.
"Consumers and businesses are in a very fragile place," Ford marketing chief Jim Farley said in a statement. "An already weak economy compounded by very tight credit conditions has created an atmosphere of caution."
Some might call that characterization an understatement.
Chrysler, GM slumpChrysler was a close second in the parade of sales losers among automakers in September.
The privately held car producer said it sold 107,349 cars and trucks in the month, down 33 per cent compared with this time last year.
As with the other manufacturers, truck sales took the biggest hit, off 34 per cent. Chrysler, however, did not fare much better on the car side, as that portion of its business suffered through a 29 per cent slump in September sales.
Sales for the month at General Motors Ltd. also felt the effects of the continuing global credit crunch. GM sold 284,000 cars and trucks in the month, down 15.8 per cent.
Flagging truck sales especially, down almost 20 per cent, were a big problem for the automotive giant.
In the January-to-September period, GM's overall sales declined 23 per cent compared with the same nine months in 2007. For the same three quarters, Ford's sales slid less, down by 17.3 per cent.
If overall U.S. industry sales drop in September, it will be the 11th straight month of year-over-year decline — the longest string of down months since 14 straight negative months ended in December 1991, according to Autodata Corp.
Toyota sinksIn past months, foreign automakers have been able to gain sales on a year-over-year basis and grab a larger market share at the expense of the traditionally American car makers.
That was distinctly not the case this September for Toyota Motor Co., as the Japanese automaker reported falling sales in the United States.
Toyota sold 29.5 per cent fewer cars and trucks in the United States last month compared with September 2007.
The company, which broke the two-million unit sale barrier by last September, had sold fewer than 1.8 million vehicles for the January-to-September period of 2008.
Canadian sales riseIn Canada, however, Toyota's sales jumped nicely for the month, up 14.9 per cent, helped by increased sales for its Yaris economy car.
Overall, Canadian sales of cars rose 6.1 per cent this September compared with last year, while truck sales dropped by only 2.2 per cent, according to figures compiled by Desrosiers Automotive Consultants.
For the first nine month of 2008, Canadians purchased 6.9 per cent more cars than last year. There were fewer trucks sold up here for the same period, down 4.8 per cent in the January-to-September period in 2008 versus the same nine months in 2007.
Also, interestingly, sales for high-end car maker Porsche A.G. rose in the month, up 1.2 per cent, selling 98,000 new vehicles worldwide.
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