Business
GM, Ford, Chrysler post steep sales drops
September 4, 2008
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San Francisco — Ford Motor Co., General Motors Corp. and Chrysler LLC on Wednesday posted double-digit August sales declines and offered little hope for relief in the coming months with demand for new vehicles sapped by still-high gas prices, the housing slump and tighter credit.
Toyota Motor Corp. fared better as sales fell 9.4 percent to 211,533 cars and trucks. Nissan Motors bucked the trend with improved sales.
Chrysler took the biggest hit, posting a drop of 34 percent to 110,235 vehicles from a year ago. For Ford, the pullback was even more severe than Wall Street had expected. Analysts polled by Thomson Reuters were looking for a slip of 20.9 percent. Ford sales dropped 26.6 percent. GM's August U.S. sales fell 20.3 percent.
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