US Car Sales Plummet to 27-Year Low
The US car market has reached a dismal state, with the "big-three" manufacturers - Chrysler, General Motors, and Ford - reporting a staggering decline in January sales. The slump, which is the worst in 27 years, saw Chrysler sales plummet by 55%, General Motors by 49%, and Ford by 40%. The struggling US economy and global financial crisis have taken a toll on the industry, with car manufacturers racing to stay afloat.
Key Takeaways:
- The US car market has reached its lowest levels in 27 years, with a significant decline in January sales.
- Chrysler sales fell by 55%, General Motors by 49%, and Ford by 40% in January.
- The struggling US economy, rising unemployment, weakening consumer confidence, and tight credit conditions have contributed to the slump.
- Toyota, Nissan, and Honda also reported significant sales declines, with Toyota down 34%, Nissan down 30%, and Honda down 28%.
- European car makers, including Daimler AG, Porsche, and Volkswagen AG, also reported slumps in sales.
- US vehicle sales represent a crucial indicator of consumer demand and account for about a fifth of all retail sales.
- US vehicle sales in 2008 fell by 18% to approximately 13.2 million vehicles.
Statistics:
- 55% decline in Chrysler sales
- 49% decline in General Motors sales
- 40% decline in Ford sales
- 34% decline in Toyota sales
- 30% decline in Nissan sales
- 28% decline in Honda sales
- 36% decline in Daimler AG sales
- 12% decline in Volkswagen AG sales
- 18% decline in US vehicle sales in 2008
- US vehicle sales in 2008: approximately 13.2 million vehicles
Sources:
- "US car sales plummet to 27-year low" published on Aljazeera.net on February 3, 2009.
- Provided by Syndigate.info an Albawaba.com company.