03 January 2007 22:36 [Source: ICIS news]
TORONTO (ICIS news)--US auto giants General Motors (GM) and Ford - key users of many chemical products - are set for a tough 2007 following a further drop in their latest monthly sales volumes, analysts at Standard & Poor’s (S&P) said on Wednesday.
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The typical North American light vehicle contains chemicals products and chemical processing worth an estimated $2,219, the American Chemistry Council (ACC) said in a recent report.
GM’s December sales volumes fell nearly 10% from a year ago while Ford suffered a worse-than-expected drop in sales volumes of 13%, S&P said in separate research notes to clients.
The analysts expect the automakers to suffer further volume declines and market share losses in 2007.
The 2007 outlook for DaimlerChrysler, which had a 1% rise in December volumes, based on preliminary data, remains challenging as well, S&P said.
“We expect the traditional Big Three [GM, Ford, Chrysler] to lose market share again in 2007,” it said.
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