November US auto sales down 37%


US auto makers today told Congress their “rescue plan” now needs $34bn in support, whilst GM and Chrysler said they need an $11bn loan “just to survive the year”. US sales were down 37% in November, and are at their lowest annual rate since 1982:

GM were down 41% versus 2008
Ford were the best performer, but still down 30%
Toyota were down 34%
Chrysler were down 47%

In terms of overall demand, GM noted that “the annual volume of 2 production plants had simply evaporated in a single month”. Whilst Ford said they plan to produce only 62% of Q1 2008 volume in Q1 2009 – 430k vehicles compared to 692k – in order to align supply with demand.

European volumes are also continuing to decline, with October data showing a 15% fall versus last year. ACEA, the industry association, notes that “new car registrations have now decreased for 6 consecutive months”. New figures from the German association show that November sales were down 18%, double October’s fall.

About Paul Hodges

Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry. He also serves as a Global Expert for the World Economic Forum. The aim of this blog is to share ideas about the influences that may shape the chemical industry and the global economy over the next 12 – 18 months. It looks behind today’s headlines, to understand what may happen next in critical areas such as oil prices, China and Emerging Markets, currencies, autos, housing, economic growth and the environment. Please do join me and share your thoughts. Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.

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