August auto sales: It's another tough month for manufacturers
Falling gas prices didn't help automakers in August as economic worries and an overabundance of pickup trucks and sport utility vehicles continued to drag down U.S. sales results.
Ford Motor Co. said today that it sold 151,021 cars and light trucks for the month, a 26% decline from the same month a year earlier, while Toyota Motor Corp. sales were down 9.4% to 211,533 vehicles. General Motors Corp. dropped 20%, and Honda Motor Co. was down 7.3%, Volkswagen, though, posted a small gain, up 2.3%.
Results from other automakers are expected later today.
"The credit situation is absolutely affecting auto sales," said Ellen Hughes-Cromwick, chief economist for Ford, noting that tight credit was affecting the automakers and buyers seeking auto loans. "It adds a lot of uncertainty to the market, but at least consumer confidence isn't going down any further."
Through the first eight months of the year, Ford's U.S. sales were down 18% to 1.47 million vehicles, while Toyota was off 7.8% to 1.65 million.
There were some bright spots: Sales of Ford's compact Focus model were up 23% on the month to 16,387 sold; surprisingly, the company's Escape small SUV was up 17% to 14,025 sold. For Toyota, sales of the subcompact Yaris rose 20% to 9,474 sold.
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— Ken Bensinger
Photo: A 2008 Escapes sit at a Ford dealership in Colorado Springs, Colo., last month. Ford said today that its U.S. sales tumbled in August on a steep drop in demand for pickup trucks and sport utility vehicles, although sales of the Escape small SUV were up 17% from August 2007. Credit: David Zalubowski / Associated Press
