Auto Sales Down 2008

Categories: News | Economics | 2008 Economic Crisis | Financial Problems & Crises

- 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

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.
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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