The month of June has been terrible for the American automakers as they observed their sales further went down. Interestingly, GM took the leading position in the USA in car sales over Toyota Motor Corporation (TYO: 7203). Still, sales of GM dropped by 18.2%. Another good news is that GM observed more than 2% rise in its share prices on July 1st after hitting their lowest point in the last fifty years on 30th June. GM (NYSE:GM) reported that it sold 262,329 vehicles in June compared with Toyota’s 193,234. In June GM’s car sales fell 21% and in the first six months, overall sales went down by 16.3%. On the other hand, Toyota’s sales fell 6.8% in the first six months.
In June, car sales of Toyota fell 9.4% and truck sales dropped 38.8%. Ford sales dropped 28% and Chrysler 35.9%.
In 2007 Toyota Motor Corporation almost caught GM in car sales but took over in vehicle production. In the first quarter of 2008 Toyota took the sales lead.
Related articles:
AP
Boston.com
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