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Old 04-03-2009, 08:33 AM   #1
PETE_XR6
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Join Date: Mar 2005
Posts: 68
Default Vfacts For February

I am too scared to as but what was last months figures like?


not looking good in the US...

Car sales have hit a wall in the United States, with at least one major manufacturer to slash production, raising fears of major job losses.


Ford Motor Co.'s US sales tumbled 48% in February, Toyota Motor Corp.'s declined 40%, Nissan Motor Co.'s slid 37% and General Motors posted a 53% drop as unemployment rose and consumer confidence weakened.

The figures may herald monthly sales that were the lowest for the industry in almost 27 years. Seven analysts in a Bloomberg survey estimated declines averaging 45% for General Motors Corp. and 50% for Chrysler LLC. Honda Motor Co. may post a 32% slide, based on three analysts.

But GM's sales were worse than expected, and the company will now cut production by 34%.


``It's going to get worse before it gets better,'' said Joe Barker, an analyst at consulting firm CSM Worldwide Inc. in Northville, Michigan. ``We do anticipate the sales rate to bottom this quarter. That's not to say that we're anticipating the second quarter to be any sort of real rebound, only slightly better than the first quarter.''

Ford's sales of cars and trucks dropped to 99,400 from 192,799 a year earlier, according to a statement today from the Dearborn, Michigan-based company. Toyota reported a decline to 109,583 from 182,169, and Nissan said its sales fell to 54,249 from 86,219.

Industry sales at these levels make it more challenging for Detroit-based GM and Auburn Hills, Michigan-based Chrysler to become profitable and pay back $US17.4 billion in US loans. President Barack Obama's auto task force may approve as much as $US21.6 billion more aid for the two automakers and support for the thousands of companies that supply them with parts.

`Consumer confidence issue'

``At this point, it's not as much credit as it is a consumer confidence issue,'' Al Castignetti, Nissan's vice president of US sales, said in an interview. ``Even if you can afford the loan, people are not willing to take on the risk right now because of concern about jobs.''

Toyota, forecasting its first loss in 59 years, may ask for 200 billion yen ($3 billion) in loans for its credit unit from the Japanese government as private financing has become too expensive, public broadcaster NHK reported today, without naming its source.

``I don't know if it's going to climb back up quickly enough to support the struggling automakers who are borrowing money on a quarterly basis,'' said Stephen Spivey, an automotive analyst at Frost & Sullivan in San Antonio. ``I don't know if that is strong enough to support this industry through 2009.''

Automakers may report today that new vehicles sold at a seasonally adjusted annualized rate of 9.5 million cars and light trucks, according to the average estimate of 27 analysts and economists surveyed by Bloomberg. That rate would be the lowest since June 1982, when the US had less than three-fourths as many licensed drivers.

`Stuck' at 9 million

``Until we get the housing market corrected, confidence back on Wall Street and the credit flowing once again I'm afraid we're going to be stuck'' near the 9 million annualized sales rate, CSM's Barker said.

Annual US sales of cars and light trucks averaged more than 16 million this decade.

Ford's sales were hurt by a 55% decline to 23,614 for its F-Series pickup trucks. Sales for the Volvo unit, which Ford wants to sell, were also down 55%.

The automaker trimmed its second-quarter North American production plan by 38% from a year earlier to reduce inventory.

Sales for Toyota City, Japan-based Toyota, the world's largest automaker, were dragged down by declines of 60% for its Tundra large pickup and 51% for the Yaris small car.

Volkswagen, Daimler

Volkswagen AG said February sales for its namesake brand declined 18% to 13,660. Daimler AG said sales of its Mercedes-Benz and Smart vehicles fell 21% to 15,614.

Hyundai Motor Co., South Korea's largest automaker, said it sold 30,621 vehicles last month, a 1.5% decline from a year earlier. In January, Seoul-based Hyundai was the sole major automaker to post a gain in US sales.

February had 24 selling days, one fewer than in the same month of 2008. The analyst estimates are based on the daily sales rate, and some automakers report on that basis. Bloomberg uses unadjusted figures, which for February would be about 4%age points lower that the adjusted numbers.

The Conference Board said Feb. 24 its measure of consumer confidence plunged to the lowest in 42 years of record-keeping.

US employers probably shed 650,000 jobs last month, the most since 1949, according to the median estimates in a Bloomberg survey before the Labor Department's March 6 report. The jobless rate for January was 7.6%, the highest since 1992.

Bloomberg News

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