Auto sales could be worse next year
Automobile sales were down slightly in November, and many automakers predict sales could drop even lower in 2008, with rising fuel prices and housing slump especially hurting truck and sport utility vehicle sales, the Associated Press reported.
November sales were down 2 percent industrywide, with truck and SUV sales down 7 percent, according to Autodata Corp. The November sales rate, which measures what sales would be if they remained the same pace for the entire year, was 16.2 million vehicles last month. However, Ford Motor Co. expects the rate could fall to as low as 15.5 million vehicles in the first half of 2008.
General Motors Corp., the biggest automaker by U.S. sales, reported an 11 percent fall in sales, while Ford’s sales remained flat. Both companies have cut scheduled production in the first quarter of 2008, with GM reducing production by 11 percent and Ford by 7 percent.
Toyota Motor Corp. is on track to beat Ford for the No. 2 automaker by sales, outselling Ford by nearly 15,000 vehicles. However, its sales were flat in November, despite a 109 percent jump in hybrid Prius sales.
Meanwhile, Honda Motor Co.’s sales were up 5 percent and Nissan Motor Co.’s sales rose 6 percent. Chrysler LLC’s sales fell 2 percent, and the company plans to review its production plans on a weekly basis.