A hoped-for pickup in spring sales may not be materializing for the U.S. car industry, analysts said Thursday.
All of the Big Three posted declines in the April 11-20 period, for an estimated annual selling rate of 5.5 million units.
General Motors Corp. reported that sales of domestically built cars totaled 73,278 units, down from 77,090 a year earlier. Ford Motor Corp. reported that sales of domestically built cars totaled 39,941 units in the period, down from 40,577 a year earlier. Ward`s Automotive Reports estimated that Chrysler Corp. sold 14,750 domestically built cars, down from 19,200 a year earlier.
”This is really getting distressing,” said John Hammond, president of consulting firm J.D. Power and Associates. ”This is the time of year when the industry is supposed to be making its money, but that clearly is not happening.”
The selling rate in the latest period was far less than the 6 million-unit rate forecast by a survey of 15 economists.
