GO
Loading...

Auto Sales Numbers Are Just Plain UGLY

Monday, 3 Mar 2008 | 2:58 PM ET
Ugly Auto Sales
CNBC.com
Ugly Auto Sales

We knew they would be bad, and they were. In fact, February auto sales make it clear, the consumer is tired, nervous, worried: you-fill-in-the-adjective.

Look at the numbers:

GM down 16.7 percent (including trucks down more than 22 percent)
Ford down 10.6 percent
Toyota down 6.6 percent.
Nissan down 3.2 percent.

Of the big 6 automakers, only Honda eked out positive sales (up 0.7 percent)

  Price   Change %Change
F
---
GM
---
7267.T
---
7203.T
---

Why the slowdown? I blame the plunging consumer confidence, expected higher gas prices, and automakers holding the line on incentives (hey, they're gonna cut production before they sell cars at a loss). Talk about the triple whammy hitting home.

Want more? Now GM Vice Chair Bob Lutz is saying a second half rebound is, "By No Means Certain." Meanwhile Ford is cutting a shift at 4 plants and laying off 2,500 workers. (Video clips are on GM and Ford).

Ford Auto Sales
A look at the numbers, with CNBC's Phil Lebeau

Don't tell me February is a low volume month that doesn't matter? When I talk with dealers they tell me how sales are slowing down. So you tell me, what are your neighbors telling you? Are they putting off buying a new car? Don't be surprised if the answer is yes. These are tough times to try and sell a car...as February showed us.

GM U.S. Sales Drop
GM February U.S. sales are down 16.7%, reports CNBC's Phil LeBeau.

Questions? Comments? BehindTheWheel@cnbc.com

  Price   Change %Change
7201.T
---
GM
---

Featured

  • Phil LeBeau is a CNBC auto and airline industry reporter based in the Chicago bureau and editor of the Behind the Wheel section on CNBC.com.

Autos