GM and Ford Sales Suffer
Auto sales for both GM and Ford declined in February resulting in production cuts while Chrysler as well as Japanese competition had gains in sales.
GM and Ford said big truck and SUV sales suffered possibly due to worry about high fuel prices. The companies will produce less vehicles in the rest of the first half of the year compared to a year earlier. This will no doubt hurt profits for both companies.
According to a Chicago Sun-Times article,
“GM, the world’s largest automaker, posted a 12.7 percent decline after a slight 1 percent increase in January. Ford, the No. 2 U.S. automaker, said sales of its domestic cars and trucks fell 3 percent in February — its ninth straight month of lower sales versus a year ago.
DaimlerChrysler’s Chrysler Group said sales rose 7.5 percent on another month of sizzling business, which was up 21 percent from a year ago. Truck sales rose 4 percent.”
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