Posted on 01/05/2009 7:36:41 PM PST by Baladas
NEW YORK (CNNMoney.com) -- Battered by tight credit and the worst recession in decades, industrywide U.S. auto sales plunged 36% from year-ago levels in December, a decline that hit all of the major automakers, both foreign and domestic, and capped the industry's worst year since 1992.
But despite the big drop off from year-ago sales, the December results were up about 20% from November, although the gain was more narrow on a seasonally adjusted basis.
A strong final week of the month gave some experts a glimmer of hope that the weak sales that have plagued the industry have finally found a bottom. Weeks of worries that General Motors and Chrysler LLC could be forced out of business abated when emergency federal loans for the automakers were authorized on Dec. 19.
"Whether it was the greater availability of credit or reduced fears of bankruptcy or pent-up demand or something else, we can't say," said Tom Libby, senior director of industry analysis for J.D. Power & Associates. "But things did take a slight upturn at the very end."
(Excerpt) Read more at money.cnn.com ...
Shouldn’t CNN be cheering this news? They are the ones who keep saying that Americans need to stop driving cars and start riding bikes.
interesting how the democrats will subsidize the unions
but not farmers...hmmm.
small farmers.
we all know that both parties subsidize the large farmers.
The UAW is too big and important to fail...we must not let it fail, no matter what the cost.
but not farmers...hmmm.
And the EPA now wants to tax cow farts.
Cows need a bailout now. I shudder to think about how much methane is emitted from the obese welfare do-nothings compared to the crap spewed into the atmosphere while the the union thugs enjoy their protected-class jobs.
a franken is = to 4 holstein cows!
in gas produced that is.
The UAW gave OBamBam $400 million in campaign donations. Be assured, they will be taken care of, and at you know whose expense (hint, starts with “t” and ends with “s”)
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