General Motors Corporation and Ford Motor Company are likely to report that December auto sales fell, according to Bloomberg News. If so, that will mean 2007 will have the dubious distinction of being the worst year in a decade for consumer demand for cars and trucks. This also means likely market share gains for Toyota, which bumped Ford from the No. 2 spot earlier this year.
General Motors Corporation and Ford Motor Company are likely to report that December auto sales fell, according to Bloomberg News. If so, that will mean 2007 will have the dubious distinction of being the worst year in a decade for consumer demand for cars and trucks.
The Detroit News today cited the Bloomberg News surveys as saying deliveries dropped about 5.6 percent at GM, 7.8 percent at Ford and 7.9 percent at Chrysler LLC, based on the average estimates of six analysts. Smaller declines at Japanese rivals such as Toyota Motor Corp., which bumped Ford from the No. 2 spot at midyear, may help them gain market share over Detroit's money-losing trio.
Americans bought about 16.1 million cars and trucks for the year, the least since 1998, with year-end gasoline prices exceeding $3 a gallon for the first time and consumer confidence at a two-year low. Housing starts, one barometer for sales of profitable pickup trucks, are in the deepest slump in 16 years.
