U.S. Auto Sales Take a Dive
Posted on: Wednesday, 2 November 2005, 09:00 CST
U.S. auto sales plummeted 14 percent in October with General Motors and Ford among the hardest hit.
Both U.S. automakers were hurt by big drops in sales of pickup trucks and large sport-utility vehicles, their most profitable models, the Wall Street Journal said. Both were effected noticeably by the end of employee-pricing discounts, higher gasoline prices and the uncertain economy.
Vehicles sales totaled 1,146,912, down from 1,335,104 in October 2004, according to Autodata Corp. October's sales equaled an annual run rate of 14.75 million cars and light trucks, down from 17 million a year ago.
GM's sales fell 26 percent to 253,547 vehicles in October, while Ford's declined 26 percent to 198,710 vehicles, Autodata said.
Japanese auto makers Toyota and Honda gained, helped by strong demand for fuel-efficient cars such as the Toyota Prius gas-electric hybrid and the redesigned Honda.
Source: United Press International
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