GM, Ford''s sales slow down further
31 Mar 2007
Detroit: Sales of General Motors Corp. and Ford Motor Co. limped along in March as a slowing housing market dampened pickup truck sales. However, Japanese company Toyota Motor Corp. and other Asian automakers relentlessly raced ahead stealing US market share from Ford and GM by strong sales of their sedans and crossover or car-based sports utility vehicles.
The slowdown in the U.S. housing market prompted many contractors, who typically buy pickup trucks, to delay purchases, hurting U.S. automakers, analysts.
Another
area of concern for automakers is the implosion in the
subprime lending market, which analysts say has caused
banks to rethink their lending practices, not just for
mortgages but autos as well. Interest rates on new car
loans in January rose to 6.45 percent, the highest rate
in seven years.
