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Car Sales at 10-Year Low
July 2, 2008 High gasoline prices and a weak economy took a toll on U.S. sales of Toyota Motor Co. and Ford Motor Co. vehicles in June, with Toyota reporting a 21.4 per cent decline and Ford dropping 27.9 per cent. Industry analysts had predicted June auto sales could drop by double-digits to their lowest monthly rate in 16 years. Toyota, however, had been expected to fare better because it has a lineup more tilted toward small, fuel-efficient cars and crossover vehicles. But it didn't. Toyota said Tuesday its car sales dropped 9.4 per cent for the month, while its truck sales slipped 38.9 per cent. For the first half of the year, Toyota sales were down 6.8 per cent. Ford shares sank to a new 52-week low, while rival General Motors Corp. shares were trading near their lowest level in more than a half century. Dearborn, Mich.-based Ford blamed the latest sales decline on high gas prices and low consumer confidence, which sent buyers to the sidelines. It reported steep drops in June sales of pickup trucks and sport utility vehicles, including a 41 per cent year-over-year decline for the F-Series pickup, a perennial best-seller, and a 52 per cent drop for the Ford Explorer SUV. U.S. auto sales had already fallen for seven straight months as of May, the longest period of consecutive monthly drops in eight years, according to the auto information website Edmunds.com. When customers do buy, they're picking smaller cars, crossovers and hybrids. The demand for more fuel-efficient vehicles has been a boon to Japanese automakers such as Toyota and Honda Motor Co., which rely less heavily on trucks and sport utility vehicles than the Detroit Three. For the first half of the year, Ford's sales were down 14 per cent compared with the year-ago period. Ford said sales of its smallest car, the Ford Focus, rose 28 per cent in the first six months of the year, although Focus sales fell in June. The automaker said last month it plans to increase production of the Focus as well as the Mercury Mariner and Ford Escape small SUVs. Ford shares tumbled 32 cents US or 6.6 per cent to $4.49 US in afternoon trading after sinking to a 52-week low of $4.41 US earlier in the session. They have traded as high as $9.64 US over the past year. [archive] Featured
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