March auto sales fell 12 percent from a year earlier on an unadjusted basis, thanks to declining consumer confidence, higher fuel prices and recession concerns.
GM reported a 13 percent sales decline for the month,
Chrysler dropped 13.2 percent, and Ford saw a
7.6 percent decline. Toyota, the #2 automaker in U.S. sales, said sales fell 3.4 percent.
“We’re not immune to economic cycles,” said Toyota division
sales chief Bob Carter.
Toyota, which cut U.S. truck production in
March, said it would be forced to lower its forecast for
U.S. industry sales of 16 million vehicles in 2008.
“I think the main weakness is consumer confidence,” said GM
sales chief Mark LaNeve. “It’s (mortgages) resetting. It’s
worry about the news. It’s presidential candidates telling you
how bad it is. It’s Bear Stearns.”
Conversely, Honda and Nissan outperformed the weak industry and increased
their market share. Sales at Honda rose 4.2 percent while Nissan
posted a 3.6 percent gain.
“The compact cars and the new crossovers are really what is
carrying most manufacturers,” said Jesse Toprak, executive
director of industry analysis for Edmunds.com, highlighted by the fact that sales of pickup trucks and SUVs fell 18 percent in March.
“Consumers want to buy cheaper, more gas efficient
vehicles,” Toprak said.
[Reuters]
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