Financial Pearl Harbor Continues: GM Oct. sales down 45%

Press and News

In what Warren Buffet has dubbed a “Financial Pearl Harbor”, the American economy has suffered yet another devastating blow with the latest October sales reports from automakers. It is now being considered the worst sales performance for automakers in a quarter century.

General Motors – Today reported a 45 percent decline in U.S. sales, with light truck sales leading the charge at over 51 percent down. Overall GM sold 168,719 units as compared to 307,408 in October 2007. GM reported that if sales were adjusted for population growth, October would be the worst month of the post-World War II era – giving further proof to Buffet’s Pearl Harbor quip.

Ford - Although less severe, Ford still posted a wince-inducing 30 percent loss with 132,278 light vehicles; down from 189, 515 in October 2007. Ford’s bread-and-butter, the F-series truck, was down 16 percent.

American makes aren’t the only victims in this autopocalypse. Although it’s only a wrist pin away from becoming the number-one selling carmaker in the U.S., Toyota is down nearly 26 percent as compared to October 2007, and American Honda Motor Co Inc. is down 28 percent. Further proof that even fuel-efficient cars aren’t immune to the calamatous collapse of auto sales.

Batten down the hatches!

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