Auto Sales Down 2008
July 1, 2008: The three biggest auto retailers in the U.S. announced that sales for June 2008 were down dramatically. High fuel prices and gas-guzzling vehicles were blamed. The result has been an increase in demand and subsequent shortage of smaller, more fuel efficient cars.
Fast Facts
- General Motors reported a 19% drop in sales
- Ford reported a 28% decline
- Toyota reported a revised drop of 11%
- Honda and Volkswagen reported a slight increase in sales
- Demand is up on economy vehicles
Gasoline Prices
With the national average price of gasoline hovering at the $4.00 per gallon mark, auto makers blamed the continued slide of sales numbers on this economic variable. The vehicle models that have seen the biggest down-turn are large trucks and SUVs.
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