Figures from all the major car makers yesterday showed sales in March were down in double-digit percentages compared with a year ago, and industry executives said 2008 is on course to be the US's worst year for sales in 15 years.
"I'd like to be able to tell you the worst is behind us but I can't really say that," Ford's marketing chief, Jim Farley, told investors, as the company revealed a 14 per cent slide in sales of cars and light trucks. General Motors said its monthly sales had collapsed by 19 per cent, while Toyota revealed a 10 per cent decline.
Worse for the industry, the most expensive – and therefore the most profitable – vehicles, such as SUVs, are being deserted by customers in favour of cheaper, more fuel-efficient models.
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