US auto sales plunged 32 percent in October to lows unseen in a quarter-century, led by a 45 percent drop at General Motors Corp in a sales collapse that hit every major automaker and offered little sign that the industry has hit bottom in its largest market.
Hurt by tighter terms on auto financing by skittish banks and finance companies and the worsening economy, US auto sales fell to their weakest month since February 1983, sales data released on Nov. 3 showed.
The decline in US October sales represented the first results since word emerged last month of merger talks between GM and Chrysler LLC…
Auto sales for four European countries reporting on Nov. 3 showed the spreading effect of the slowdown. Sales fell 40 percent in Spain and 19 percent in Italy.
The United States, the world's largest vehicle market, remains at the industry's vortex. October represented the weakest month for US auto sales on a per-capita basis since the end of World War Two, GM said.
– Reuters
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posted 28 Nov 2008
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