Detroit Bureau on Twitter

Posts Tagged ‘car slump’

Domestic Car Sales Jump in April

Chrysler posts biggest monthly gain since July 2005.

by on May.03, 2010

Driven by strong sales of products like the 2010 Taurus, Ford gained volume and share, its 18th "up" month in the last 19 months.

Domestic carmakers showed some new life in April as General Motors Corp., Chrysler Group LLC. and Ford Motor Co. all posted sales gains of 20% or better for the first time in years.

The big jump in sales came against very weak sales of by all three carmakers just a year ago when speculation about the impending bankruptcies of GM and Chrysler, which filed for Chapter 11 protection on April 30, 2009.

Subscribe Now!

Nevertheless, Chrysler last month posted a 25% sales increase, which was its best year-over-year sales improvement since July 2005.

“April was a very positive month for Chrysler Group, with concrete results that highlight the company is on-track and gaining momentum,” contended Fred Diaz, the top executive for Chrysler’s sales organization.


You Thought YOUR Dealer Had Excess Inventory?

Photos of the world’s unsold cars of the world stockpiled.

by on Feb.25, 2009

Thousands of dealers could soon close their doors

Thousands of dealers could soon close their doors.

The automotive business stinks. Thousands of jobs lost with more cuts to come. Factories closing almost daily. People hurting. Benefits cut or eliminated. Dealers dropping retail flies. Hubris, excess, arrogance and denial in the executive suites — and in Congress. And on and on and on.

But nothing, nothing can graphically show the terrible auto crisis like these horrific photos of unsold, stockpiled cars around the world.
Click here for photos

Automakers, Top to Bottom Cutting Production, Jobs

Automakers, Top to Bottom Cutting Production, Jobs

by on Feb.16, 2009

Will new products, like this one debuting in Geneva, help revive Bentley sales?

Will new products, like this one debuting in Geneva, help revive Bentley sales?

From luxury buyers worried about presenting the wrong image to hip Gen-Xers struggling to make their rent, never mind a car payment, the worsening economic crisis is leaving no automotive stone unturned.

Brands that long seemed immune to recession are reeling, lately, responding to slumping sales with various blends of incentives, production cuts and job reductions.

Among those affected are Mini, the British brand that has long struggled, if anything, to meet market demand for its iconic mini-compact, and Bentley, another U.K. maker that, in recent years, has become the biggest player in the rarified ultra-luxury segment.


Ghosn Goes Biblical?

Are automakers facing Old Testament's seven lean years?

by on Jan.28, 2009

Carlos Ghosn sees Old Testament wrath facing auto industry.

Carlos Ghosn sees Old Testament wrath facing auto industry.

Dire forecasts continue to proliferate around the car business but the prize probably goes to Renault-Nissan Carlos Ghosn, who is warning that the global automakers are facing the equivalent of the Old Testament’s seven lean years.

Ghosn warned during an economic conference in Saudi Arabia that, “This is going to be a long recession.,” He predicted world auto sales would fall to 55 million vehicles in 2009, a decline of almost 14 percent, compared to 63 million in 2008. The trend was certainly set, in 2008, with sales down 9 percent from the 69-million figure of 2007.

“We are the first victim of the financial meltdown,” Ghosn said. The global financial crisis had slashed credit for car buyers, two-thirds of whom buy on credit, Ghosn noted.  The recovery would not take place before 2011 and it could take as long seven years before sales reached the pre-recession peak, he added.