GM sales rise as Toyota, Ford report declines
Our Corporate Bureau
05 September 2007
Mumbai: General Motors Corp has reported an increase in sales last month amidst a decline in sales of both Toyota and Ford.
GM, led by increased pickup truck sales, showed an increase of 6 per cent, and Nissan Motor Co reported sales increased 6.3 per cent for August. In contrast, Toyota reported a 2.8 per cent decline in sales in August, and Ford an even larger 14.4 per cent drop in sales.
Automakers blame the lower sales on a weak US auto market due to rising mortgage payments and turmoil in the financial markets.
Ford Motor Co, the first to release monthly US sales figures, blamed declining sales on efforts to wean itself off low-profit sales to rental car companies and other fleet buyers.
Ford's car sales of 64,864 were down 33.7 per cent when compared with the same month last year, while light truck sales slipped 2.3 per cent to 152,572, the company reported.
GM's car sales dropped 7.8 per cent, but its truck sales rose 16.6 per cent for the month. GM raised incentives on its new pickup truck models earlier in the month. GM sales include Buick, Cadillac, Chevrolet, Hummer, GMC, Pontiac and Saturn, as well as the European Saab Brand.
Toyota's car sales were down 6 per cent, but its truck sales were up 2 per cent compared with August last year. These included the Lexus and Infiniti brands.
Nissan truck sales, led by its Titan pickup, rose 7.9 per cent compared with August last year, while its car sales were up 4.1 per cent, the company said.