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http://news.yahoo.com/s/nm/20081001/bs_nm/us_usa_autosales;_ylt=A0wNcyYty.NIEU4APEhZ.3QA
Auto sales plunge as credit crunch hits By Kevin Krolicki
15 minutes ago
WASHINGTON (Reuters) - Major automakers reported plunging U.S. sales for September on Wednesday -- led by a 34 percent slide at Ford Motor Co -- as an escalating credit emergency slammed a slumping industry and raised new doubts about when the world's largest auto market would hit bottom.
The downturn in auto sales for September coincided with a crisis on Wall Street and claimed even the auto industry's better-performing brands.
Sales were down 24 percent at Honda Motor Co Ltd, 32 percent at Toyota Motor Corp and 37 percent at Nissan Motor Co Ltd.
U.S. industry sales leader General Motors Corp, which was more aggressive in discounting its vehicles, managed to keep its September sales decline to a relatively small 16 percent to take a larger share of a rapidly declining market.
"Consumers and businesses are in a very fragile place," Ford sales chief Jim Farley said. "An already weak economy compounded by very tight credit conditions has created an atmosphere of caution."
Chrysler LLC was also expected to post lower sales.
The bleak auto sales results represent an early reading on the recent economic impact of a credit crisis that has triggered a rapid consolidation in banking and ongoing government efforts at a rescue plan over the past month.
Auto sales plunge as credit crunch hits By Kevin Krolicki
15 minutes ago
WASHINGTON (Reuters) - Major automakers reported plunging U.S. sales for September on Wednesday -- led by a 34 percent slide at Ford Motor Co -- as an escalating credit emergency slammed a slumping industry and raised new doubts about when the world's largest auto market would hit bottom.
The downturn in auto sales for September coincided with a crisis on Wall Street and claimed even the auto industry's better-performing brands.
Sales were down 24 percent at Honda Motor Co Ltd, 32 percent at Toyota Motor Corp and 37 percent at Nissan Motor Co Ltd.
U.S. industry sales leader General Motors Corp, which was more aggressive in discounting its vehicles, managed to keep its September sales decline to a relatively small 16 percent to take a larger share of a rapidly declining market.
"Consumers and businesses are in a very fragile place," Ford sales chief Jim Farley said. "An already weak economy compounded by very tight credit conditions has created an atmosphere of caution."
Chrysler LLC was also expected to post lower sales.
The bleak auto sales results represent an early reading on the recent economic impact of a credit crisis that has triggered a rapid consolidation in banking and ongoing government efforts at a rescue plan over the past month.
