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November auto sales sink to worst level since 1982
US auto sales plunged 37 percent in November to their worst level in more than 26 years, dashing expectations that this dismal year for vehicle demand had found a bottom, and adding more ammunition to the Detroit automakers' case for a congressional lifeline.
Every major automaker reported a year-over-year sales decline of more than 30 percent yesterday. The Detroit carmakers were among the worst hit, with GM's US sales falling 41 percent and Chrysler LLC's dropping 47 percent.
Their overseas rivals posted abysmal results as well. Toyota's sales tumbled 34 percent, while Nissan's dropped 42 percent and Honda's fell 32 percent.
'Our industry is in a much more severe situation than the rest of the economy,' said Mike DiGiovanni, General Motors Corp.'s executive director of global market and industry analysis. 'We cannot continue at these levels or else the entire industry is going to go down.'
US auto sales in November fell to 746,789, according to Autodata Corp. On a seasonally adjusted basis, automakers reported an annual sales rate of 10.2 million units, the lowest level since October 1982.
Automakers and analysts blamed the crumbling economy, less access to vehicle financing, and a wait-and-see approach among consumers more preoccupied with the value of their homes and the fate of their jobs than the lure of a new car.
'Consumers (are) not showing up at the dealerships _ regardless of the deals they're being offered and regardless of how low the gas prices go,' said Jesse Toprak, executive director of industry analysis for the automotive Web site Edmunds.com.
The dreary reports came the same day the Detroit Three sent reports to Congress detailing why they are worthy of as much as US$34 billion in emergency loans.
Every major automaker reported a year-over-year sales decline of more than 30 percent yesterday. The Detroit carmakers were among the worst hit, with GM's US sales falling 41 percent and Chrysler LLC's dropping 47 percent.
Their overseas rivals posted abysmal results as well. Toyota's sales tumbled 34 percent, while Nissan's dropped 42 percent and Honda's fell 32 percent.
'Our industry is in a much more severe situation than the rest of the economy,' said Mike DiGiovanni, General Motors Corp.'s executive director of global market and industry analysis. 'We cannot continue at these levels or else the entire industry is going to go down.'
US auto sales in November fell to 746,789, according to Autodata Corp. On a seasonally adjusted basis, automakers reported an annual sales rate of 10.2 million units, the lowest level since October 1982.
Automakers and analysts blamed the crumbling economy, less access to vehicle financing, and a wait-and-see approach among consumers more preoccupied with the value of their homes and the fate of their jobs than the lure of a new car.
'Consumers (are) not showing up at the dealerships _ regardless of the deals they're being offered and regardless of how low the gas prices go,' said Jesse Toprak, executive director of industry analysis for the automotive Web site Edmunds.com.
The dreary reports came the same day the Detroit Three sent reports to Congress detailing why they are worthy of as much as US$34 billion in emergency loans.