US auto sales slump to 16-year low in July

[marmar]

AP, via Yahoo!:



US auto sales slump to 16-year low in July
Friday August 1, 6:53 pm ET
By Dee-Ann Durbin, AP Auto Writer

US auto sales slump to 16-year low as automakers try to meet demand shift, lease troubles loom


DETROIT (AP) -- U.S. auto sales slumped to a 16-year low in July as automakers failed to keep up with consumers' growing demand for smaller, more fuel-efficient vehicles. While production changes may help that problem, trouble in the credit and auto leasing markets will continue to take a toll on sales.

General Motors, Ford, Toyota and other automakers said Friday that their U.S. sales fell by double-digits. Nissan Motor Co. was the only major automaker to report a gain, with truck sales up 18 percent thanks in part to the new Rogue crossover and a boost in incentives. Nissan's overall sales rose 8.5 percent.

Automakers were expecting a slide in July as high gas prices continued to cut into sales of trucks and sport utility vehicles and new troubles in the auto leasing sector further wrecked consumers' confidence. July's seasonally adjusted sales rate -- which shows what sales would be if they continued at the same pace for the full year -- was 12.5 million vehicles, according to Autodata Corp. That's down from 17 million as recently as 2005.

Automakers expect things to get worse before they get better.

"We expect the second half of 2008 will be more challenging that the first half as economic and credit conditions weaken," Ford's marketing chief, Jim Farley, said in a statement. ......(more)

The complete piece is at: http://biz.yahoo.com/ap/080801/auto_sales.html

[glowing]

1. Well, they shot themselves in the foot.. People now can't afford to

let their SUV's go because they aren't worth anything.. so, keep pumping and driving less.

[carlyhippy]

2. Had they made more as well as affordable fuel efficient hybrid vehicles they wouldnt be in trouble

at the car lots in my town there are nothing but trucks and SUVs left on the lots.

[RUMMYisFROSTED]

3. Both lows under Bushes.

:think:

[Mojorabbit]

4. it would be wonderful

if someone could invent a conversion kit to make these vehicles hybrid.

[carlyhippy]

5. I wish I had the brains and ability to do so myself

whoever creates a conversion kit for the millions of non-hybrid vehicles on our roads today, that person could become a very wealthy person overnight.

[Lint Head]

6. The internal combustion engine is evolving out of existence

sooner than anyone realizes. :dem: