The three biggest carmakers in America say the long decline in U.S. auto sales has bottomed out, as the industry reported its smallest monthly sales drop this year, according to a story in the Wall Street Journal.
Calling an end to the long decline in U.S. auto sales, the nation’s auto industry reported its smallest monthly sales drop this year, according to a story in the Wall Street Journal.
Written by Andrew Grossman and Kate Linebaugh, the story says that new vehicle sales in June fell 28% from a year earlier to 860,000 cars and light trucks.
Autodata said the annualized selling pace of cars and light trucks in the U.S. was 9.69 million vehicles, down from 9.91 million in May but still up from earlier in the year, the story says.
The auto industry expects to get a boost at the end of July as consumers start to take advantage of the government’s “cash for clunkers” program, which provides incentives for consumers to trade in old cars for new models that get higher gas mileage, the story says.
GM sales fell 33% in June, while Chrysler Group LLC’s sales fell 42%. Toyota sales were down 32%, while Ford’s fell 11%. This meant Ford outsold Toyota for the fourth straight month.
WSJ Online subscribers may read the full story here.