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Never saw this coming at all did we?
http://www.msnbc.msn.com/id/33122449/ns/business-autos/
NEW YORK - Major automakers reported September sales declines on Thursday, revealing a tough hangover from this summer's buying spree driven by big discounts to consumers.
General Motors Co. and Chrysler Group LLC posted the biggest slowdowns during the month. Hyundai bucked the trend, reporting a 27 percent rise in sales last month over last year.
"It was a more difficult month than we anticipated," Mark LaNeve, GM's vice president of U.S. sales, told reporters during a conference call."
Automakers got a big lift in July and August from the government's Cash for Clunkers program, which spurred sales of nearly 700,000 new cars and trucks. The program's big discounts lured in many customers who otherwise would have waited until later in the year to walk into dealerships.
Now automakers are starting to feel the effect. GM said its sales plunged 45 percent to 155,679 vehicles last month compared with 282,806 in September of last year. Ford reported sales of 114,241 in September, but the decline followed two straight months of rising sales. Chrysler sold only 62,197 vehicles last month, down 42 percent from the prior year.
Japan's Toyota Motor Corp. said sales fell 13 percent while Nissan Motor Co. said its sales fell 7 percent. Ford Motor Co. had the smallest decline among major manufacturers, falling 5.1 percent.
GM blamed the decline on the clunkers program pulling buyers into July and August, weak consumer confidence and low inventory levels during September before production increases could replenish stocks.
"As expected, the market returned to pre-Cash for Clunkers levels in September," Mark LaNeve, GM's vice president of U.S. sales, said in a statement. "Fortunately the fourth quarter looks brighter."
http://www.msnbc.msn.com/id/33122449/ns/business-autos/
NEW YORK - Major automakers reported September sales declines on Thursday, revealing a tough hangover from this summer's buying spree driven by big discounts to consumers.
General Motors Co. and Chrysler Group LLC posted the biggest slowdowns during the month. Hyundai bucked the trend, reporting a 27 percent rise in sales last month over last year.
"It was a more difficult month than we anticipated," Mark LaNeve, GM's vice president of U.S. sales, told reporters during a conference call."
Automakers got a big lift in July and August from the government's Cash for Clunkers program, which spurred sales of nearly 700,000 new cars and trucks. The program's big discounts lured in many customers who otherwise would have waited until later in the year to walk into dealerships.
Now automakers are starting to feel the effect. GM said its sales plunged 45 percent to 155,679 vehicles last month compared with 282,806 in September of last year. Ford reported sales of 114,241 in September, but the decline followed two straight months of rising sales. Chrysler sold only 62,197 vehicles last month, down 42 percent from the prior year.
Japan's Toyota Motor Corp. said sales fell 13 percent while Nissan Motor Co. said its sales fell 7 percent. Ford Motor Co. had the smallest decline among major manufacturers, falling 5.1 percent.
GM blamed the decline on the clunkers program pulling buyers into July and August, weak consumer confidence and low inventory levels during September before production increases could replenish stocks.
"As expected, the market returned to pre-Cash for Clunkers levels in September," Mark LaNeve, GM's vice president of U.S. sales, said in a statement. "Fortunately the fourth quarter looks brighter."
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