GM sales for October were off nearly 50 percent from a year ago.
Ford was bad enough, down 30 percent. And Toyota’s bid to pass GM as the top auto company in the U.S. faltered; it had an October drop-off of 23 percent and couldn’t catch the General. Toyota is about 10 percent behind in U.S. sales.
And, even Honda, less reliant on trucks and SUVs than Toyota, let alone the formerly Big Three, had a 20 percent decline
The reasons? Tight credit, primarily, followed by consumer woes and worries.
Meanwhile, Treasury told GM no dice on getting bailout funds, presumably to fund a Chrysler takeover.
However, it may only be temporary. Reportedly, Treasury didn’t want to make a decision that might go counter to an Obama or McCain administration.
Knowing what Obama has said about the U.S. auto industry so far, and looking at poll numbers, I expect a new GM request in a week.
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