Fred Harteis News Articles - The economic slowdown and the high gasoline prices hit the carmakers hard in June.

 

Sales fell 28 percent at the Ford Motor Company, 21.4 percent at the Toyota Motor Company and 18.2 percent at General Motors in June, the worst month yet in a miserable year for the automobile industry.

 

With a month that was better than expected, G.M. was able to retain its spot as the nation’s top automaker. It sold 265,937 vehicles in June, compared with 193,234 for Toyota.

 

Through the first half of 2008, sales were off 16.3 percent at G.M., 14 percent at Ford and 6.8 percent at Toyota.

 

Sales of pickup and sport utility vehicles, have been hit particularly hard as consumers seek out more fuel-efficient alternatives. Ford said light truck sales were down 36 percent in June and 18 percent so far this year.

 

“Consumer fundamentals and consumer confidence deteriorated as the first half unfolded,” James D. Farley, Ford’s marketing chief, said in a statement. “The economy enters the second half of the year with a notable absence of momentum and a high degree of uncertainty.”

 

At Toyota, car sales dropped 9.4 percent for the month and truck sales slipped 38.9 percent.

 

Sales at the Honda Motor Company and Volkswagen rose about 1 percent. Those two automakers are less-dependent on pickup and sport utility vehicles.

 

Shares of Ford were down more than 7.5 percent in afternoon trading. General Motors shares were off nearly 5.7 percent.

 

Record-high gasoline prices, a housing slump and weak consumer confidence have led to a dramatic decline in sales of many vehicles, particularly the largest and most profitable ones for domestic automakers. The Ford F-series pickup truck, which has been the best-selling vehicle in the United States for 26 years, was outsold by four fuel-efficient Japanese sedans in May.

 

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http://www.nytimes.com/2008/07/02/business/02auto.html?_r=1&partner=rssnyt&emc=rss&oref=slogin

 

Source: NyTimes.com

 

About Fred Harteis: Fred Harteis leads Harteis International.   Fred Harteis has a background in agriculture and has created many successful business ventures.