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Call for action as car sales plummet
AUTO sales in the United States dropped to their lowest level in more than 17 years last month as consumers stayed away from showrooms, prompting some company executives to predict dire consequences if the market doesn't improve.
By the time all auto makers reported their numbers, sales had dropped 32 percent to just over 838,156 vehicles, the lowest monthly sales figure since January 1991.
'This is clearly a severe, severe recession for the US automotive industry and something we really can't sustain,' said Mike DiGiovanni, General Motors' executive director of global market and industry analysis, who said the government should speed up actions to thaw out frozen credit. 'There really needs to be actions focused on the consumer and available credit.'
GM's sales plunged 45 percent in October, the worst drop of any major auto maker. Chrysler, which is in talks to be acquired by GM as a way for both companies to survive in the current climate, saw a 35-percent decline. Ford's sales dropped 30 percent.
Japanese companies weren't immune, with Toyota sales down 23 percent despite a zero-percent finance offer. Honda's sales dropped 25 percent and Nissan sales tumbled 33 percent.
October's seasonally adjusted annual sales rate of 10.6 million vehicles was the worst since February 1983 and far below the rate of 16 million a year earlier, Autodata said. The closely watched figure indicates what sales would be if they remained at their current rate all year, with adjustments for seasonal fluctuations.
Troublesome
'There are no hot segments or really hot products,' said George Pipas, Ford's top sales analyst.
The figures were especially troublesome for GM and Ford, both of which are trying to conserve cash and stay in business long enough to outlast a severe economic downturn. Neither company had any idea when sales might rebound to more normal levels.
By the time all auto makers reported their numbers, sales had dropped 32 percent to just over 838,156 vehicles, the lowest monthly sales figure since January 1991.
'This is clearly a severe, severe recession for the US automotive industry and something we really can't sustain,' said Mike DiGiovanni, General Motors' executive director of global market and industry analysis, who said the government should speed up actions to thaw out frozen credit. 'There really needs to be actions focused on the consumer and available credit.'
GM's sales plunged 45 percent in October, the worst drop of any major auto maker. Chrysler, which is in talks to be acquired by GM as a way for both companies to survive in the current climate, saw a 35-percent decline. Ford's sales dropped 30 percent.
Japanese companies weren't immune, with Toyota sales down 23 percent despite a zero-percent finance offer. Honda's sales dropped 25 percent and Nissan sales tumbled 33 percent.
October's seasonally adjusted annual sales rate of 10.6 million vehicles was the worst since February 1983 and far below the rate of 16 million a year earlier, Autodata said. The closely watched figure indicates what sales would be if they remained at their current rate all year, with adjustments for seasonal fluctuations.
Troublesome
'There are no hot segments or really hot products,' said George Pipas, Ford's top sales analyst.
The figures were especially troublesome for GM and Ford, both of which are trying to conserve cash and stay in business long enough to outlast a severe economic downturn. Neither company had any idea when sales might rebound to more normal levels.