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American Automakers Struggling Through Recession(AXcess News) Detroit - The news keeps getting worse for American automakers, but industry leaders remain optimistic that business will get better. The real question is when? Domestic auto sales have fallen dramatically since late 2008, when economists declared the nation to be in a recession. Automakers including GM, Ford and Chrysler have been forced to shut down plants, lay off thousands of workers or close dealerships to avoid going completely broke. In November, Ford reported its domestic auto sales declined for the third consecutive month in double digit numbers. Chrysler's U.S. auto sales fell 3 percent in November of its Chrysler, Dodge and Jeep brands. Ford and DailmerChrysler are not alone in that other U.S. auto manufacturers are expected to report declines in auto sales for November as well, though probably not as steep a decline as experienced by Ford. October 2008 marked the worst decline in U.S. auto sales for domestic auto manufacturers in 13 years. Record fuel prices forced many car-buying decisions to stall for U.S. consumers and businesses alike. Though recent consumer sentiment is starting to ease and auto manufacturers are hoping that marketing programs will work well enought to draw buyers into the auto dealer showrooms once more. Surprisingly, Ford's Landrover was the only model to see an up tick in sales in November. But Ford North America's Steve Lyons thinks that December will see improvements for the auto maker. U.S. auto makers have increased their incentive programs in November, hoping that it will draw buyers in. Ford increased their incentive $452 to $3,137, GM raised its incentive $556 to $3,255 and the Crysler Group topped the list at $882, bringing that auto maker's incentive to $3,922, according to stats posted atwww.edmunds.com. |
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