Credit crunches carmakers
December 3rd, 2008
On the day that U.S. auto executives appealed to Congress for a $25 billion bailout, General Motors Corp. reported that its U.S. sales plummeted 41 percent in November compared with a year ago. Ford Motor Co. announced its sales dropped 31 percent, and Chrysler said its sales plunged 47 percent.
As credit remained tight, retirement accounts continued to be decimated, unemployment jumped and the recession deepened last month, the plunging price of gasoline was not enough to generate a rebound in auto sales.
The U.S. sales of Toyota Motor Corp., which may surpass General Motors as the world’s largest auto company this year, declined by 34 percent.
Dire times for the US Auto industry - check out the full story and insights here