U.S. Auto Makers Declare Bottom to Sales Decline
Maura Lockwood, Cabot Headline News
July 02, 2009
The three biggest U.S. auto makers called a bottom to the long decline in auto sales as the industry reported its smallest monthly sales drop this year, the Wall Street Journal reported. New vehicle sales fell 28% in June from a year earlier to 860,000 cars and light trucks, the smallest decline in any month this year.
The Journal quoted a Toyota executive who said the "weak economy's grip on the auto industry appears to be lessening." A Ford representative concurred saying the auto industry "appears to be nearing a turning point."
Even General Motors is calling a bottom, reported the Journal, quoting a GM spokesman who said the company "feels pretty strongly that the bottom was hit earlier in the year."
The auto industry expects sales to get a boost at the end of July as consumers start to take advantage of the U.S. government's "cash for clunkers" program which offers incentives for consumers to trade in old cars for new models that offer higher gas mileage.
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