There may be a tiny pinhole of light at the end of the auto sales depression tunnel. VW said its global shipments rose 1.5% last month. It is not much, but given the relentless drop-offs in car unit sales in most parts of the world over the last two years, it is a welcome break. VW shipped 556,770 vehicles.

May cars sales in the US were down sharply, but not as much as they had been during the first four months of the year.

One of the largest and perhaps only significant risk to the taxpayer money being put into GM and Chrysler is that if domestic vehicles sales fall 35% or 40% for the balance of 2009 and make little or no progress improving early next year, their debt restructurings and cost cuts won’t count for much.

Douglas A. McIntyre