US 2008 auto sales hit lowest level since 1992

 

US auto sales crashed again in December as the industry posted its worst year since 1992 and the Detroit Three saw their annual share of their home market slip beneath 50% for the first time, industry data showed yesterday.

Chrysler lead the way in losses with a 53% monthly drop and Toyota, Honda, GM and Ford posted drops of 31-37%. Total industry sales fell 36% in December to 896,124, which helped drag 2008 sales down 18% to 13.2 million vehicles, according to Autodata.

GM, Ford and Chrysler saw their combined market share fall to just 47.6% from 51.1% in 2007 just days after the Treasury department finalized billions in loans to help prop up cash-strapped GM and Chrysler.

High fuel prices pushed passenger cars sales over the 50% share mark for the first time since 2000 as truck, minivan and sport utility sales slipped to 48.8% of the US market from 53.1% in 2007.

Asian brands, led by Toyota and Honda, saw their market share increase to 44.6% in 2008 from 41.7% in 2007, according to Autodata.

European brands also posted gains, as their share rose to 0.6 points to 7.8%. Tight credit and growing economic uncertainty has kept consumers away from showrooms for months and December's losses were expected to continue well into 2009.