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U.S. auto sales drop to 15 year lows, Japan no better

U.S. auto sales drop to 15 year lows, Japan no better

Viknesh Vijayenthiran April 2nd, 2008 Viknesh Vijayenthiran By Viknesh Vijayenthiran Author April 2nd, 2008
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December 31st, 1969 Auto sales in the U.S. have been on the skids for the good part of a year, due mostly to the country’s credit crisis and rising oil prices, but March levels marked the industry’s worst performance since 1993. Sales were down for most of the major carmakers, with American makes once again faring the worst. For the month of March, GM’s sales were down a staggering 19.2% on last year’s result. Ford didn’t fare much better, its sales dipping by 14% compared to the same period last year. Rounding out the trio was Chrysler, whose sales also fell by a significant 19% from March levels of just one year ago. Foreign brands, including market leader Toyota, also saw sales levels drop for the month of March. Toyota’s sales dropped 10%, while Nissan and Honda fared slightly better with falls of just 4 and 3% respectively. Sales in Japan, meanwhile, have dropped to their lowest levels in 33 years, reports Thomson Financial. Sales of new cars, trucks and buses, excluding minicars, fell 4.5% to 3.43 million for the year ending March 31, the lowest since March 1975. Blame is being centered on rising petrol prices as well as a general fall in interest for new cars, especially amongst Japan’s youth. Industry experts are expecting the following months to be just as bad although carmakers are hopeful that a new federal economic stimulus package will help boost the U.S. economy and in turn help motivate other markets around the globe.
U.S. auto sales drop to 15 year lows, Japan no better

U.S. auto sales drop to 15 year lows, Japan no better

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Auto sales in the U.S. have been on the skids for the good part of a year, due mostly to the country’s credit crisis and rising oil prices, but March levels marked the industry’s worst performance since 1993. Sales were down for most of the major carmakers, with American makes once again faring the worst.

For the month of March, GM’s sales were down a staggering 19.2% on last year’s result. Ford didn’t fare much better, its sales dipping by 14% compared to the same period last year. Rounding out the trio was Chrysler, whose sales also fell by a significant 19% from March levels of just one year ago.

Foreign brands, including market leader Toyota, also saw sales levels drop for the month of March. Toyota’s sales dropped 10%, while Nissan and Honda fared slightly better with falls of just 4 and 3% respectively.

Sales in Japan, meanwhile, have dropped to their lowest levels in 33 years, reports Thomson Financial. Sales of new cars, trucks and buses, excluding minicars, fell 4.5% to 3.43 million for the year ending March 31, the lowest since March 1975. Blame is being centered on rising petrol prices as well as a general fall in interest for new cars, especially amongst Japan’s youth.

Industry experts are expecting the following months to be just as bad although carmakers are hopeful that a new federal economic stimulus package will help boost the U.S. economy and in turn help motivate other markets around the globe.

Tags: Industry

Posted in: News


Comments (3 total)

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  1. By Strada Auto Store #1, Posted: 4/2/2008

    Love the graph!

  2. By SuperSkyline89 #2, Posted: 4/2/2008

    "fall in interest for new cars, especially amongst Japan’s youth."

    Well, maybe if they made some cool cars that didn't cost almost $100,000 then we might actually be interested in something we could afford. I don't see a single affordable car sold in North America that I would actually be proud to spend money on. They're all either gas sipping weaklings or cars that are so damn popular you see a dozen every single day.

  3. By Ink Master #3, Posted: 4/2/2008

    I'd have to agree w/ SuperSkyline, there are very few cars out there which would both look half-ass decent and would be affordable at the same time... however I don't see that changing any time soon - atleast as long as they keep killing every single cool concept they show at autoshows

    Why is it that 9/10 concepts at autoshows look just plain awesome, yet by the time they get to production they look nothing like the concept. In place of original rims you see some plastic hubcaps, in place of the awesome interior you get the same crap you had last year, and the exterior? well it just vaguely resembles some general shapes, but even that is screwed 90% of the time....

    shame...

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