GM, Ford, Toyota post US sales decline

General Motors Corp and Ford Motor Co posted double-digit declines in US vehicle sales on Wednesday as uncertain economic conditions undercut a renewed incentives push by Detroit automakers and deepened an industry slowdown. ( Reuters )

GM's August sales tumbled 20.4 percent while Ford's sales fell 26.6 percent, forcing the automakers to announce steep second-half production cuts, likely putting a drag on their financial results.

Signaling more weakness in the months ahead, the No. 2 US-based automaker said it expected the second half of 2008 to be more challenging than the first half.

Toyota's sales fell 9.4 percent while Nissan Motor Co Ltd surprised investors with a 13.6 percent increase in August sales.

The sales trends in August reflected the continued shift toward smaller, more economical passenger cars and away from large pickup trucks and sport utility vehicles.

US demand for vehicles this year is expected to drop to near-decade lows, hurt by high gasoline prices, a housing market slump and tighter credit.

Ford now estimates 2008 US auto industry sales to come in at the low end of its previous range of 14 million to 14.5 million units.

"We expect the second half of 2008 will be more challenging than the first half, as weak economic conditions and the consumer credit crunch continues," said Jim Farley, Ford group vice president of marketing.

Auto sales are a closely watched and early key indicator of consumer demand in the United States for big-ticket items, with investors focused on whether second-quarter economic growth will be sustained through the rest of 2008.

Overall for August, analysts expect US auto sales to be down from 14 percent to 19 percent industrywide compared with a year ago, but up slightly from the 16-year low reported in July.

Ford estimates that the US seasonally adjusted annual rate of industry sales, a key figure, will come in at about 14.1 million units including medium- and heavy-duty trucks.

Chrysler LLC was expected to post double-digit declines in US auto sales when it reports sales later on Wednesday, according to analysts.

To boost sagging sales and clear out inventory, No. 1 US automaker GM extended its employee-level pricing discount program by one month through the end of September and increased the number of 2009 model year vehicles carrying the offer.

GM, which has seen US sales fall 18 percent through July, is under pressure to cut costs amid signs that industry sales were slack despite easing gasoline prices and aggressive incentives.

GM President and Chief Operating Officer Fritz Henderson told reporters in India on Tuesday that August was "another fairly tough month" and the automaker is not optimistic for the rest of 2008.

Overall, automakers increased their sales incentives about 7 percent in August from a year earlier, to an average of $2,642 per vehicle, according to Edmunds, which tracks auto sales trends. That figure is heavily weighted toward large trucks.

Year over year, Chrysler led major automakers in incentives with an average of $4,366 per vehicle followed by Ford with $3,443 on average per vehicle. Incentives at all the other automakers also rose in August, according to Edmunds.

Georgia takes necessary steps to avoid increase in bread prices
Georgia takes necessary steps to avoid increase in bread prices
Buy/sell operations at Iran Mercantile Exchange revealed
Buy/sell operations at Iran Mercantile Exchange revealed
Kazakhstan to bring waste processing level to average European level
Kazakhstan to bring waste processing level to average European level
Loading Bars
WHO reports new daily record high of over 747,000 COVID-19 cases
UK police arrest 155 in anti-lockdown protests in London
Assistant to Azerbaijani president posts footage from Tartar, Aghdam cities
UK, France sign new deal to stop illegal migration across Channel
Iran discloses electricity generation at Iran's Bandar Abbas TPP
Turkey reports 6,714 new COVID-19 cases, 487,912 in total
Zarif: Iran at forefront of fighting terrorism
Georgia takes necessary steps to avoid increase in bread prices
Ethiopian military has taken 'full control' of Tigray capital, government says
Iran’s Bahar Azadi gold coin price continues to fall
Weekly review of Azerbaijani precious metals market
Kazakhstan raises import of grain, legumes from Turkey
Buy/sell operations at Iran Mercantile Exchange revealed
AP publishes article covering Armenian missile attack on Azerbaijan’s Ganja on Oct.17 (PHOTO/VIDEO)
OIC adopts resolutions in connection with Armenia's aggression against Azerbaijan
President, members of Board of European Muslim Forum send letter to President Aliyev
Aghdam district of Azerbaijan after 27 years of Armenian occupation (VIDEO)
Kazakhstan to bring waste processing level to average European level
UK appoints minister in charge of COVID-19 vaccine rollout
Number of blocked malware in AzStateNet network drops
Airport in Uzbekistan to buy auto parts via tender
Iranian Energy Exchange announces products to be on sale November 29
Azerbaijani team takes third place in group exercises at 36th European Rhythmic Gymnastics Championships
At least 6 killed in Somali capital suicide bombing
Microsoft Azerbaijan to support all initiatives in liberated territories of Azerbaijan
Azerbaijan shows footage of Kalbajar's Vang village (VIDEO)
Police fire tear gas at Paris protest against police violence
Electricity imports growing in Georgia
Cargo, passenger traffic via Turkish Sabiha Gokcen Airport slumps amid pandemic
Uzbek-Korean JSC Uz-Dong Won Co. announces tender for steel pipes supply
Cargo transportation at Turkish Antalya airport reduces
Austria records nearly 1,000 COVID-19 deaths over past 10 days
State Employment Agency of Azerbaijan opens tender on supporting start-up projects
Results of Azerbaijan's junior national team performance at 36th European Rhythmic Gymnastics Championships announced
Details of Iran’s exports to Iraq declared
Azerbaijan reports 4,212 new COVID-19 cases, 1,760 recoveries
Four citizens dead as result of mine exploding in Fuzuli - Azerbaijani Prosecutor General's Office
Kazakhstan's export volumes to China surge despite COVID-19
Assistant to Azerbaijan's president, diplomats, Garabagh FC representatives visit Aghdam Mosque (PHOTO)
Turkmenistan committed to promoting socio-economic development of Afghanistan
Georgian oil companies seek to avoid price increases
Tender for maintenance of elevators, escalators launched in Turkey
Azerbaijan's ten-month output of oil products declines
Turkey's export of grain and legumes to Turkmenistan up
Turkmenistan, Belarus discuss program of cooperation
Iran reveals its COVID-19 data for November 28
Azerbaijani president's assistant, diplomatic corps reps arrive at liberated Aghdam city
Rural digitalization project successfully underway in Kazakhstan
Missile fired to Tartar by Armenia delivered to local museum - president's assistant (VIDEO)
Number of enterprises put into operation in Iran's Ardabil Province up
Water problems center to be created in Uzbekistan’s Khorezm region
Khazar Consortium opens tender for purchase of lubricating oil
Azerbaijan’s Baku Telephone Communications opens tender
Georgia sees increase in COVID-19 cases
Number of shells fired at Tartar district by Armenian Armed Forces revealed
German minister says partial lockdown could last until Spring 2021
Kazakhstan doubles export to Afghanistan
Price of apartments in Iran’s Tehran rising
Autumn grain sowing carried out on large area of land in Azerbaijan
Azerbaijan’s Baku Metro to buy inert materials through tender
Weekly review of Azerbaijani currency market
Azerbaijani president's assistant, diplomatic missions visiting Tartar (PHOTO)
Turkish soldiers to soon begin their missions in Azerbaijan - Turkey’s VP
Georgian Basisbank launches service for purchase of government securities
Azerbaijan shows footage of Kalbajar's Istisu village (VIDEO)
Uzbekistan reveals its COVID-19 data for November 28
Turkey issues 10M2020 data on cargo, passenger traffic in Adnan Menderes Airport
Assistant to Azerbaijani president, Karabakh football club to visit Tartar, Aghdam cities
Azerbaijani oil prices reaching $49 per barrel
Tesla could widen release of 'self-driving' software in two weeks
Iranian currency rates for November 28
Kazakhstan’s Intergas Central Asia opens tender for equipment modernization
Turkish municipality to rent vehicles via tender
Turkmenistan, EU discuss prospects for developing bilateral contacts
Iran seeks to cooperate in auto sector with foreign countries
Azerbaijani flag raised in liberated Kalbajar city after 27 years (VIDEO)
OPEC+ likely to roll over its current production cut at least until end-March 2021
Brazil's COVID-19 death toll nears 172,000
826 new coronavirus cases in 24 hrs, total at 130,039
Georgian Poti FIZ plans to implement production of high-tech electrical devices in 2021
Chinese mainland reports 6 new imported COVID-19 cases
British, Irish prime ministers discuss EU trade negotiations
Kazakhstan increases exports to Georgia multifold despite COVID-19
France reports 957 new COVID-19 deaths, hospitalizations down
76 more coronavirus patients die in Moscow in past day
OPEC+ monitoring committee postpones meeting on oil production cuts deal in 2021 to Sunday
Brexit goes down to the wire: EU and UK say big differences remain
Iran expected to reduce potato production
Azerbaijan national team won silver and bronze medals at 36th European Championship in Ukraine
Diesel fuel production down in Azerbaijan
Кazakhstan Electricity Grid Operating Company opens tender to buy batteries
Export of grain and legumes by Turkey to Iran down
Turkey registers nearly 30,000 new coronavirus cases as recoveries surpass 390,000
Kazakhstan has high hopes for homegrown COVID-19 vaccine - Minister
Georgia expect stabilization of pandemic with the expansion of restrictions
Iraq reports 2,545 new COVID-19 cases, 547,215 in total
Resolution adopted by French Senate is gross violation of int'l law - Honorary Member of French Parliament
Erdoğan urges public caution against COVID-19 in Turkey amid violations
76 Iranian professors among world top 2% scientists
Monetary policy in Georgia remains tightest among CIS - Renaissance Capital
All news