Auto Sales Crash in April: 30 Year Low

New car sales fell dramatically again in April, hardly surprising given the fragile U.S. economy and the even more fragile auto industry.

Chrylser, which filed for Chapter 11 bankruptcy protection on Thursday, led the way down, saying its April sales fell by a whopping 55%. Japan’s Toyota followed with a decline of 42%, followed by Nissan at 38%.

Sales at U.S. auto maker Ford (F: 5.6701, -0.1999, -3.41%) slid about 32%, while sales at General Motors (GM: 1.801, -0.119, -6.2%) fell 34%. GM could well follow Chrysler in bankruptcy.

Honda’s sales were off 25%.

“Clearly, we continue to operate in a very challenging economic environment,” Ken Czubay, Ford’s vice president of sales and marketing, said on a conference call.

The weak demand brought on by a recession now in its second year led Chrysler, owned by Cerberus Capital Group, to file for bankruptcy and announce an alliance with Italy’s Fiat SpA.

GM, surviving on $15.4 billion of government loans, faces similar pressures as it races to to meet a government imposed June 1 deadline for cutting costs.

Read the rest from Fox Business:


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