GM Sales Fall 25% as Economy Crimps Buyers…
9.1.10 – General Motors Co.’s sales fell 25 percent last month and trailed analysts’ estimates as the U.S. auto industry headed for its worst August in 28 years.
GM said deliveries fell to 185,176 from 246,479 last August, when the U.S. government’s “cash for clunkers” incentive program boosted sales. The largest U.S. automaker was expected to report a 19 percent decrease, including an adjustment for the number of selling days in August, the average estimate of four analysts surveyed by Bloomberg. On that basis, sales fell 22 percent, Detroit-based GM said in a statement.
U.S. auto sales last month probably were the slowest for August in 28 years as model-year closeout deals failed to entice consumers concerned about the economy and their jobs. Deliveries industrywide may have reached an annualized rate of 11.6 million vehicles last month, the average of eight analysts’ estimates compiled by Bloomberg. That would be 18 percent below last year’s 14.2 million pace and above July’s 11.5 million rate.
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