Auto Sales Take Big Drop in August
U.S. automobile sales plunged 21% from a year ago in August, and 5% from July, Bloomberg reported.
Toyota Motor Corp., General Motors Co. and Ford Motor Co., the three largest U.S. automobile sellers, all posted bigger-than-expected declines as the industry posted its worst August in 28 years.
GM’s deliveries fell 25% to 185,176 units from a year ago, when the government’s “cash for clunkers” program ended. Analysts had expected a 19% drop, Bloomberg said. Sales fell 7% from July.
Ford’s sales fell 11% year-over-year to 157,503 vehicles, with auto sales down 14% and sport-utility vehicles declining 26%. Sales of other trucks and vans rose 5%. Month-to-month sales fell 5% from July.
Toyota’s sales for its Toyota, Lexus and Scion brands plunged 24% to 148,388 vehicles, greater than the 19% drop forecast by analysts, Bloomberg reported. Sales were down 12% from July.
The exception was Chrysler Group LLC, which saw its sales rise more than expected, gaining 7% from a year ago, and 11% from July, to 99,611 vehicles, led by sales of its Jeep, Dodge and Ram lines.
