It’s widely believed that August will be the worst month for new car sales thus far through 2008 – particularly for the domestic automakers – and there is little evidence to suggest that things will get better any time soon. Although a gloomy outlook, General Motors has adopted this same type of mind set and doesn’t predicted the market to get any better in the last few months of 2008.
Speaking at an engine plant opening in India, GM Chief Operating Officer Fritz Henderson revealed that the Michigan automaker isn’t planning on the market regaining strength until at least 2009. “We do not have a huge amount of optimism for the rest of the year as the pressure on consumer continues,” Henderson told Automotive News.
The perfect storm of high gas prices, a weakening economy and a global credit crunch have greatly eroded new car sales from even a year ago, with the Big Three feeling the biggest pinch. Although not official, GM’s new car sales are expected to be down by more than 25 percent in August.
09/02, 4:17 PM
posted by:
howsmydriving
Duh.
09/02, 4:19 PM
posted by:
jumpoffit
time to gimme that HUGE discount on a G8 GXP plz, thanks!
09/02, 5:56 PM
posted by:
1c3d0g
Yeah. The economy is sucking pretty badly right now… :-/
09/02, 6:23 PM
posted by:
DeansterTJ
We’re not optimistic either.
09/02, 7:07 PM
posted by:
ktulu
not much optimism 2 B had
09/02, 7:38 PM
posted by:
johnnycanuck
…and just when you thought they could turn the ship around in a matter of months after decades of poor decisions. Go figure.
09/02, 9:23 PM
posted by:
t-ak-box
How could they not be optimistic with a McCain/Palin administration on the horizon.
09/05, 8:42 AM
posted by:
speedemon
09/02, 9:23 PMposted by:t-ak-box
How could they not be optimistic with a McCain/Palin administration on the horizon.
Good point bro!