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Monday, 13 October 2008 11:53

Auto Sales Forecast 2008–2009

U.S. consumers will buy 13.9 M vehicles in 2008 and Edmunds.com forecasts 13.7 M for 2009. This down due to a 26.6% drop in September sales, the lowest since 1993. U.S. sales are now 2 million units below 2007, as consumers are keeping vehicles about 4 months longer, according to J.D. Power, which sees 2009 sales dropping to 13.2 M vehicles.

Toyota projects a 40% drop in yearly profit due to weak sales in North America and slower growth in China. Toyota began interest-free loans earlier this month across most of its lineup following a 32% slide in its U.S. sales in September. Toyota remains in a significantly better position, as it’s market capitalization ($98.3 B) is over ten times that of Ford ($4.7 B) and GM ($2.7 B) put together, and its sales are trending up while the Detroit Three are trending down over 5 years.

 

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