GM sales down 45% for October
GM sales down 45% for October
http://news.yahoo.com/s/ap/20081103/..._ge/auto_sales
DETROIT – General Motors' October U.S. sales plunged 45 percent and Ford's dropped 30 percent, as low consumer confidence and tight credit combined to scare customers away from showrooms.
The results released Monday — along with drops of at least 23 percent for Toyota, Honda and Nissan — appeared to fulfill prophecies that the industry's sales as a whole will hit their worst level in decades.
Mike DiGiovanni, General Motors Corp.'s executive director of global market and industry analysis, said the automaker expects last month was the industry's worst U.S. sales performance since 1975 with only 851,000 vehicles sold, for an annual rate of 10.7 million vehicles.
"This is clearly a severe, severe recession for the U.S. automotive industry and something we really can't sustain," DiGiovanni said. "There really needs to be actions focused on the consumer and available credit."
Other automakers are scheduled to report their sales later Monday.
Detroit-based GM said its light trucks sales tumbled 51 percent compared with the same month last year, while demand for passenger cars fell 34 percent.
The results were less severe at Ford Motor Co., which said its Ford, Lincoln and Mercury car sales were off 27 percent, while light truck sales for the three brands were down more than 30 percent.
Overall, GM sold 168,719 vehicles, while Ford, including its Volvo brand, sold 132,278 light vehicles last month.
If GM's sales were adjusted for population growth, October would be the worst month of the post-World War II era, DiGiovanni said.
"Clearly we're in a very dire situation," he said.
Despite the steep drop, GM's total was enough to keep it ahead of Toyota Motor Corp. for the No. 1 U.S. sales spot. Toyota, which rolled out an offer of zero-percent financing during the month, sold 152,101 vehicles, down 23 percent from a year earlier. The drop included a 34 percent decline in light truck demand, while car sales fell 15 percent.
Honda Motor Co.'s sales fell 25 percent to 85,864 vehicles, as truck sales fell 29 percent. But sales of cars from its Acura luxury division rose 6 percent.
Nissan North America Inc. sold 56,945 vehicles, a 33 percent drop, including a 52 percent decline in truck sales.
DETROIT – General Motors' October U.S. sales plunged 45 percent and Ford's dropped 30 percent, as low consumer confidence and tight credit combined to scare customers away from showrooms.
The results released Monday — along with drops of at least 23 percent for Toyota, Honda and Nissan — appeared to fulfill prophecies that the industry's sales as a whole will hit their worst level in decades.
Mike DiGiovanni, General Motors Corp.'s executive director of global market and industry analysis, said the automaker expects last month was the industry's worst U.S. sales performance since 1975 with only 851,000 vehicles sold, for an annual rate of 10.7 million vehicles.
"This is clearly a severe, severe recession for the U.S. automotive industry and something we really can't sustain," DiGiovanni said. "There really needs to be actions focused on the consumer and available credit."
Other automakers are scheduled to report their sales later Monday.
Detroit-based GM said its light trucks sales tumbled 51 percent compared with the same month last year, while demand for passenger cars fell 34 percent.
The results were less severe at Ford Motor Co., which said its Ford, Lincoln and Mercury car sales were off 27 percent, while light truck sales for the three brands were down more than 30 percent.
Overall, GM sold 168,719 vehicles, while Ford, including its Volvo brand, sold 132,278 light vehicles last month.
If GM's sales were adjusted for population growth, October would be the worst month of the post-World War II era, DiGiovanni said.
"Clearly we're in a very dire situation," he said.
Despite the steep drop, GM's total was enough to keep it ahead of Toyota Motor Corp. for the No. 1 U.S. sales spot. Toyota, which rolled out an offer of zero-percent financing during the month, sold 152,101 vehicles, down 23 percent from a year earlier. The drop included a 34 percent decline in light truck demand, while car sales fell 15 percent.
Honda Motor Co.'s sales fell 25 percent to 85,864 vehicles, as truck sales fell 29 percent. But sales of cars from its Acura luxury division rose 6 percent.
Nissan North America Inc. sold 56,945 vehicles, a 33 percent drop, including a 52 percent decline in truck sales.
Ford officials said on a conference call with reporters and industry analysts that as bad as October sales were, it's probably not the bottom.
The results released Monday — along with drops of at least 23 percent for Toyota, Honda and Nissan — appeared to fulfill prophecies that the industry's sales as a whole will hit their worst level in decades.
Mike DiGiovanni, General Motors Corp.'s executive director of global market and industry analysis, said the automaker expects last month was the industry's worst U.S. sales performance since 1975 with only 851,000 vehicles sold, for an annual rate of 10.7 million vehicles.
"This is clearly a severe, severe recession for the U.S. automotive industry and something we really can't sustain," DiGiovanni said. "There really needs to be actions focused on the consumer and available credit."
Other automakers are scheduled to report their sales later Monday.
Detroit-based GM said its light trucks sales tumbled 51 percent compared with the same month last year, while demand for passenger cars fell 34 percent.
The results were less severe at Ford Motor Co., which said its Ford, Lincoln and Mercury car sales were off 27 percent, while light truck sales for the three brands were down more than 30 percent.
Overall, GM sold 168,719 vehicles, while Ford, including its Volvo brand, sold 132,278 light vehicles last month.
If GM's sales were adjusted for population growth, October would be the worst month of the post-World War II era, DiGiovanni said.
"Clearly we're in a very dire situation," he said.
Despite the steep drop, GM's total was enough to keep it ahead of Toyota Motor Corp. for the No. 1 U.S. sales spot. Toyota, which rolled out an offer of zero-percent financing during the month, sold 152,101 vehicles, down 23 percent from a year earlier. The drop included a 34 percent decline in light truck demand, while car sales fell 15 percent.
Honda Motor Co.'s sales fell 25 percent to 85,864 vehicles, as truck sales fell 29 percent. But sales of cars from its Acura luxury division rose 6 percent.
Nissan North America Inc. sold 56,945 vehicles, a 33 percent drop, including a 52 percent decline in truck sales.
DETROIT – General Motors' October U.S. sales plunged 45 percent and Ford's dropped 30 percent, as low consumer confidence and tight credit combined to scare customers away from showrooms.
The results released Monday — along with drops of at least 23 percent for Toyota, Honda and Nissan — appeared to fulfill prophecies that the industry's sales as a whole will hit their worst level in decades.
Mike DiGiovanni, General Motors Corp.'s executive director of global market and industry analysis, said the automaker expects last month was the industry's worst U.S. sales performance since 1975 with only 851,000 vehicles sold, for an annual rate of 10.7 million vehicles.
"This is clearly a severe, severe recession for the U.S. automotive industry and something we really can't sustain," DiGiovanni said. "There really needs to be actions focused on the consumer and available credit."
Other automakers are scheduled to report their sales later Monday.
Detroit-based GM said its light trucks sales tumbled 51 percent compared with the same month last year, while demand for passenger cars fell 34 percent.
The results were less severe at Ford Motor Co., which said its Ford, Lincoln and Mercury car sales were off 27 percent, while light truck sales for the three brands were down more than 30 percent.
Overall, GM sold 168,719 vehicles, while Ford, including its Volvo brand, sold 132,278 light vehicles last month.
If GM's sales were adjusted for population growth, October would be the worst month of the post-World War II era, DiGiovanni said.
"Clearly we're in a very dire situation," he said.
Despite the steep drop, GM's total was enough to keep it ahead of Toyota Motor Corp. for the No. 1 U.S. sales spot. Toyota, which rolled out an offer of zero-percent financing during the month, sold 152,101 vehicles, down 23 percent from a year earlier. The drop included a 34 percent decline in light truck demand, while car sales fell 15 percent.
Honda Motor Co.'s sales fell 25 percent to 85,864 vehicles, as truck sales fell 29 percent. But sales of cars from its Acura luxury division rose 6 percent.
Nissan North America Inc. sold 56,945 vehicles, a 33 percent drop, including a 52 percent decline in truck sales.
Ford officials said on a conference call with reporters and industry analysts that as bad as October sales were, it's probably not the bottom.
Last edited by Silverado C-10; Nov 3, 2008 at 02:41 PM.
No mention of Chrysler of course. I wonder how bad they're doing. I suspect the Cerberus guys saw this one coming and that might be why they want out so bad. Talk about taking a hit!
If it gets worse than this...
If it gets worse than this...
Also, for those too lazy to click the link, this was noteworthy as well:
Meanwhile, GM's financing arm, GMAC Financial Services, said it was tightening its lending standards to require a credit score of at least 700, potentially shutting out some buyers.
Mark LaNeve, GM's vice president for North American sales, said steep cutbacks in leasing accounted for half of GM's year-over-year sales decline.
About 25 percent of GM's volume in October 2007 was from leasing, but the automaker did almost no leasing last month through GMAC, LaNeve said.
Analysts said GM's employee pricing incentives in September likely pulled in buyers who would have waited to purchase cars, further reducing October sales.
Mark LaNeve, GM's vice president for North American sales, said steep cutbacks in leasing accounted for half of GM's year-over-year sales decline.
About 25 percent of GM's volume in October 2007 was from leasing, but the automaker did almost no leasing last month through GMAC, LaNeve said.
Analysts said GM's employee pricing incentives in September likely pulled in buyers who would have waited to purchase cars, further reducing October sales.
^ I randomly tuned into a talk radio show last week while they were talking about repo's.
To no surprise, the majority of repo's are now trucks and SUV's and when these vehicles are going to auction they are going for much less than what was left on the loan (which shouldn't be surprising to anyone). So now, they're trying to work with the customers to lower payments to keep them in their vehicle.
It's really starting to look like GM is going to go under... this can't keep up much longer (duh, right?)
To no surprise, the majority of repo's are now trucks and SUV's and when these vehicles are going to auction they are going for much less than what was left on the loan (which shouldn't be surprising to anyone). So now, they're trying to work with the customers to lower payments to keep them in their vehicle.
It's really starting to look like GM is going to go under... this can't keep up much longer (duh, right?)
Last edited by Silverado C-10; Nov 3, 2008 at 03:42 PM.
Nope. 35%.
Chrysler sold 94,530 vehicles in the US last month.
Dodge Ram sales are down only 21%.
Dodge Challenger is defying gravity. It sold over 3000 vehicles in October, still dead on projections of 35-40K annual production.
The Dodge Challenger came within 150 cars of outselling the PT Cruiser and 450 cars of outselling the Chrysler 300.
Chrysler has a 113 day supply, down 16% from last year (good news).
Dodge Viper's sales are up 162%!
Crossfire is up 128%!
Chrysler's division is down 51%.
Dodge is down 27%
Jeep 33%
Jeep Compass and the 300 lead losses, both down 62%
Charger is down 41%, and is close to outselling the 300 by 2 to 1.
Overall, not great normally, but considering the state of the market, and the fact that Chrysler no longer offers leasing on their vehicles, it's not that bad. Plus, the Challenger is proving that bad economic times don't automatically spread to pony cars (as Camaro and Firebird sales proved in the 1970s).
Chrysler sold 94,530 vehicles in the US last month.
Dodge Ram sales are down only 21%.
Dodge Challenger is defying gravity. It sold over 3000 vehicles in October, still dead on projections of 35-40K annual production.
The Dodge Challenger came within 150 cars of outselling the PT Cruiser and 450 cars of outselling the Chrysler 300.
Chrysler has a 113 day supply, down 16% from last year (good news).
Dodge Viper's sales are up 162%!
Crossfire is up 128%!
Chrysler's division is down 51%.
Dodge is down 27%
Jeep 33%
Jeep Compass and the 300 lead losses, both down 62%
Charger is down 41%, and is close to outselling the 300 by 2 to 1.
Overall, not great normally, but considering the state of the market, and the fact that Chrysler no longer offers leasing on their vehicles, it's not that bad. Plus, the Challenger is proving that bad economic times don't automatically spread to pony cars (as Camaro and Firebird sales proved in the 1970s).
Last edited by guionM; Nov 4, 2008 at 02:15 PM.
xx.x% sales drops = bad...
but what about total vehicle sales? If I remember correctly, GM still managed to outsell Toyota October. That's without leasing, etc, etc and Toyota had a 0% financing deal going on. Is this any sort of silver lining?
but what about total vehicle sales? If I remember correctly, GM still managed to outsell Toyota October. That's without leasing, etc, etc and Toyota had a 0% financing deal going on. Is this any sort of silver lining?
Dodge Challenger is defying gravity. It sold over 3000 vehicles in October, still dead on projections of 35-40K annual production.
The Dodge Challenger came within 150 cars of outselling the PT Cruiser and 450 cars of outselling the Chrysler 300.
Dodge Viper's sales are up 162%!
These ones are shockin to me as I had assumed Challenger was a flop as the 3 local Dodge dealers *ALL* have at leats 4-5 Challengers sitting out front. I figured they wouldnt be sitting there on the lot unless they were not selling.
And the one local Dodge dealer somehow has 5 Vipers... normally you dont even see any on a Dodge lot around here.
[...]
Overall, not great normally, but considering the state of the market, and the fact that Chrysler no longer offers leasing on their vehicles, it's not that bad. Plus, the Challenger is proving that bad economic times don't automatically spread to pony cars (as Camaro and Firebird sales proved in the 1970s).
Overall, not great normally, but considering the state of the market, and the fact that Chrysler no longer offers leasing on their vehicles, it's not that bad. Plus, the Challenger is proving that bad economic times don't automatically spread to pony cars (as Camaro and Firebird sales proved in the 1970s).
And you do know that the last Chrysler Crossfire rolled off the assembly line in 2007, yes?
Another item, GM sold 166,714 vehicles in October.
Ford, 128,531.
GM's car sales tanked 34.6%.
Chrysler's dropped 30%
Ford's: 26.8%
Ironically, pretty much in order of their chances of survival the next couple of years if left on their own to fend for themselves without financial help or buyouts, from least likely to more likely.
Other drops in car sales:
Toyota: -14.5%
Honda: -22.1%
Nissan: -18.3%
Mitsubishi: -4.6% (not a typo)
Mercedes Benz: -42.3%
Ferrari: UP 44%
Mini: UP 56.4%
Rolls Royce: UP......75.9%!!
http://online.wsj.com/mdc/public/pag...autosales.html
Last edited by guionM; Nov 4, 2008 at 02:32 PM.
When you subtract fleet sales, Toyota finally ran over GM in October.
Another item, GM sold 166,714 vehicles in October.
Ford, 128,531.
GM's car sales tanked 34.6%.
Chrysler's dropped 30%
Ford's: 26.8%
Ironically, pretty much in order of their chances of survival the next couple of years if left on their own to fend for themselves without financial help or buyouts, from least likely to more likely.
Other drops in car sales:
Toyota: -14.5%
Honda: -22.1%
Nissan: -18.3%
Mitsubishi: -4.6% (not a typo)
Mercedes Benz: -42.3%
Ferrari: UP 44%
Mini: UP 56.4%
Rolls Royce: UP......75.9%!!
http://online.wsj.com/mdc/public/pag...autosales.html
Another item, GM sold 166,714 vehicles in October.
Ford, 128,531.
GM's car sales tanked 34.6%.
Chrysler's dropped 30%
Ford's: 26.8%
Ironically, pretty much in order of their chances of survival the next couple of years if left on their own to fend for themselves without financial help or buyouts, from least likely to more likely.
Other drops in car sales:
Toyota: -14.5%
Honda: -22.1%
Nissan: -18.3%
Mitsubishi: -4.6% (not a typo)
Mercedes Benz: -42.3%
Ferrari: UP 44%
Mini: UP 56.4%
Rolls Royce: UP......75.9%!!
http://online.wsj.com/mdc/public/pag...autosales.html


