GM (GM) Sales Get Hammered

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GM’s (GM) US sales fell 22% during July to 320,935. Car sales fell 26% and light trucks were off by 19%.

At about the same time that GM announced its results Ford (F) said that it would reassess its estimates for US car sales for the 2007 year. Speaking about its current estimates, a Ford executive told Reuters: "we are certainly going to reassess this once we get the final data for the July sales."

For some reason GM "backed its expected third-quarter production of 1.075 million vehicles", according to MarketWatch. .It is difficult to imagine how the company will pull that off with its present slide in addition to higher oil prices and a poor housing market.

Douglas A. McIntyre