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---------- Forwarded message ---------- From: Citation <[EMAIL PROTECTED]> Date: 2008/8/2 Subject: [stockinvestorsforum] Auto sales plummet To: "..Stock INVESTORS FORUM GROUP" <[EMAIL PROTECTED]> Auto Makers Report - Dismal July Sales By MIKE BARRIS August 1, 2008 5:26 p.m. U.S. auto sales tumbled in July, kicking off the second half of a dismal year, with General Motors Corp. posting a 26% slide as demand for trucks and sport-utility vehicles continued to plummet. Japan's Toyota Motor Corp., which has begun to pull away from the Detroit icon in the race to be the world's top-selling auto maker but is encountering storms of its own, recorded a 12% drop. Ford Motor Co. saw a 15% decline, and Chrysler LLC's sales skidded 29%. As in June, Honda Motor Co. was a relative bright spot, with its U.S. sales declining just 1.6% to 138,744. Car sales rose 14% to 90,943, while truck sales fell 22%, a smaller decrease than at rival firms. But Honda's Civic and Accord, like Toyota's Camry and Corolla, failed to outsell Ford's F-series pickups after all four cars did so the past two months. JULY U.S. AUTO SALES Company Sales % Change General Motors 233,340 (26%) Toyota Motor 197,424 (12%) Ford Motor 160,990 (15%) Honda 138,744 (1.6%) Chrysler 98,109 (29%) Nissan Motor Co. bucked the downward trend with an 8.5% gain in July U.S. sales to 95,319. The gasoline-price surge had buyers favoring more fuel-efficient cars and shunning the trucks and SUVs that have traditionally driven Detroit's profits. Overall sales have slumped as the weak economy has sapped demand. Last week, research firm J.D. Power & Associates again cut its 2008 forecast for new light-vehicle sales to 14.2 million units, which would be the weakest sales year since 1993. "The second quarter this year has been one of the fastest-changing markets I have ever seen," GM Chief Financial Officer Ray Young said after the auto maker earlier in the day reported a massive quarterly loss. GM also blamed its sales results on "inventory shortages in critical segments such as compact cars." However, it said it has "aggressively managed inventories to low levels." In July, inventories fell 21% to hit a three-year low of 747,000. In July, GM sales of cars and light trucks totaled 233,340, down from 315,870 a year earlier. There were 26 selling days in July, compared with 24 a year earlier. Sales of light trucks fell 35% to 128,005, while car sales fell 12% to 105,335. CAR COMPARE • Big Demand for Tiny Cars: See how the Toyota Yaris stacks up against other subcompacts. MORE ON AUTOS • What's Selling: July auto-sales data • GM Swings to Loss 8/1/08 • Strong Yen Dents Nissan Earnings 8/1/08 • GM to Cut 15% of Salaried Jobs 7/31/08 • Chrysler Slashes Costs, Seeks Partners 7/31/08 • Page One: GM, Ford Scale Back Auto Leases 7/30/08 • Toyota Cuts Global Sales Forecast 7/29/08 • Page One: Chrysler Halts Auto Leases 7/26/08 • Honda Posts 8.1% Rise in Net 7/26/08 • Page One: Ford Suffers Record Loss 7/25/08 North America sales chief Mark LaNeve said despite "the weakness in the truck market" in July, "we continue to hold share due to our fuel economy leadership in many truck segments despite dramatic competitive incentive spending increases." GM has recently announced production cuts and sweeping incentives on many 2008 models -- a reversal of recent strategy and a fresh sign of how badly rising gasoline prices are slamming auto makers. Third-quarter projection estimates remain at 900,000, down 12% from a year earlier. July production fell 6%. Toyota's third straight visit to negative monthly-sales territory shows how the Japanese giant -- once considered almost immune to the economic forces that have battered its Detroit-based rivals -- is now also suffering. The company sold 197,424 vehicles last month, compared with 224,058 a year earlier. Toyota's passenger car sales dipped 0.6% while SUV sales dropped 26%. Sales of Toyota's Sequoia, however, jumped 63%, as the large SUV continued its unlikely winning streak among the gas-guzzling behemoths. Toyota division sales fell 11% and Lexus recorded an 18% slide. In July, Ford sold 160,990 light vehicles, compared with 188,767 a year earlier. Ford truck and van sales slid 18% as SUV sales plummeted 54% and F-series truck sales tumbled 21% to 44,829. Ford's F-150 pickup truck had until recently been the top-selling U.S. model, but it lost that title in May. Weak truck and SUV sales recently led Ford to push back the launch of its redesigned F-150 pickup truck that once was expected to drive the company's recovery. Associated Press Weak truck and SUV sales recently led Ford to push back the launch of its redesigned F-150 pickup truck that once was expected to drive its recovery. Total Ford, Lincoln and Mercury car sales fell 7.8%. Retail sales of the Focus, a hot-selling small car, rose 16%. Ford's full-year industry sales forecast is a range from 14 million to 14.5 million vehicles, including medium and heavy trucks. The first-half sales rate was approximately 15 million, the company said. "We expect the second half of 2008 will be more challenging than the first half as economic and credit conditions weaken," Ford marketing executive Jim Farley said. Chrysler sold 98,109 vehicles last month, 29% below the same period last year. The decline reflected a continued contraction of the market for pickups and SUVs and reductions in fleet sales. The gas-price spike set off a dramatic shift among U.S. car buyers. Trucks that used to be strong sellers suddenly piled up in dealer inventories and consumers started flocking to small cars. Those had traditionally appealed to a smaller segment of the market dominated by Toyota and Honda, which had already battered the U.S. makers with their lower cost structures, higher margins and rising sales. Chrysler, GM Sweeten Incentives Chrysler said Friday it is offering an additional $2,000 cash back across its product portfolio, while General Motors is expanding its offers on slow-selling trucks and SUVs, as well as two newly launched cars and the iconic Corvette sports car. The moves comes after all three Detroit auto makers changed their leasing programs in recent days. Chrysler has stopped offering leases through its Chrysler Financial unit, while GM and Ford announced plans to tighten the availability of leasing. The auto makers are dealing with steep declines in the residual values of pickup trucks and sport-utility vehicles, which translate into losses when the companies take back vehicles as leases expire. Sales of large vehicles have plunged in recent months amid high fuel prices and weakened consumer confidence. The reduced availability of leasing, which has typically accounted for about 20% of new-car sales in the U.S., leaves dealers without a key tool that enables many buyers to get into vehicles they couldn't otherwise afford. Lease payments are usually lower than monthly financing costs for purchases. Chrysler, in addition to the $2,000 cash back, has extended discounted six-year financing to more products and is offering $750 to lease customers that can be used toward the purchase of a new vehicle. "This is an unprecedented shift to make owning as affordable as renting," said Chrysler spokesman Stuart Schorr, who confirmed the incentive changes. "The offers today help lower the monthly payments associated with retail purchases, giving consumers a better reason to buy." GM told dealers Friday that customers can get $1,000 off various V-6-powered versions of the Chevrolet Malibu sedan and the Pontiac G8 sedan that hit showrooms this spring, spokesman John McDonald said. The auto maker will continue to offer six years of free financing on its large SUVs and up to $8,000 off a GMC Envoy or Chevy Trailblazer. Buyers also can get a deal on the Corvette sports car, up to 48 months free financing. McDonald said GM has offered zero-interest loans on the iconic Chevy before, but not for as long. GM Chief Operating Officer Fritz Henderson, speaking Friday on a conference call to discuss the company's second-quarter financial results, said leasing is the most costly sales tactic for the auto maker. He said GM will use incentives to remain competitive and continue to assess the impact of leasing pullbacks on sales.
