Tuesday, September 4, 2012

U.S. Car Sales Up Double Digits In August

U.S. automakers saw double-digit gains in auto sales in August, despite economic woes, the Associated Presss reports. Total auto sales in the U.S. were projected at 1.2 million for the month, according to the report.

Here are the "Big Three" and their sales totals and percentage increases:

Chrysler: 148,000 vehicles, up 14 percent from last month, 18 percent from a year ago.
Ford: 197,249 vehicles, up 13 percent from last month, 37 percent from a year ago.
GM: 241,000 vehicles, up 10 percent from last month.

G.M. also reported one of its best sales months ever for the Chevrolet Volt plug-in hybrid. The company said it sold 2,800 Volts during August, compared with 300 a year earlier.


  1. What a perfect time to recall these loony quotes as uttered by Mitt Rominee:

    October, 2008 - Romney, writing in a New York Times op-ed titled ''Let Detroit Go Bankrupt'':

    ''If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye.''

    May, 2012 - Romney, speaking about the U.S. auto industry's comeback:

    ''I pushed the idea of a managed bankruptcy. And finally, when that was done, and help was given, the companies got back on their feet. So I'll take a lot of credit for the fact that this industry's come back.''

  2. Bit of clarification Jester, FORD never took the bailout they did it right so why couldnt gm and chrysler do it? its because of greedy top managment they should have gone bankrupt then Ford could have bought them up. Thats the way the business world works

  3. @ Ford job #1

    This article is an insightful read and will no doubt capture your interest, as it did mine:

    [What Mitt Romney Gets Wrong about the Detroit Automakers’ Bailouts]

    By Justin Hyde / Motoramic - Wednesday, February 15, 2012

    (Mr. Hyde is a reporter for the Detroit Free Press who covered those bailouts from Washington to Wall Street.

    Article Prelude:

    The bailout began with President George W. Bush, who was *forced* to lend GM and Chrysler $17.4 billion in December 2008 after *Senate Republicans* BLOCKED a rescue plan in Congress.

    The crux of Romney's argument: If Obama had not acted, private companies would have stepped in and run a "managed bankruptcy." What this ignores is that in the fall of 2008, before Obama was even sworn in, no one on Wall Street or anywhere else was willing to lend GM and Chrysler a penny — let alone the $81 billion they and their financial arms eventually needed.

    Both companies' bankruptcies required money on a scale not seen in legal history.

    No entity blocked GM and Chrysler's path to the bankruptcy court except their own executives. Had the government not intervened as Romney suggests, GM and Chrysler likely would have been liquidated by their Wall Street bondholders, some of whom held out for a few more pennies on the dollar at the risk of the entire bankruptcy case. *One auto industry think tank estimated doing so would have led to 1.3 million job losses and threatened *Ford*, Toyota and other automakers.*

    Article Conclusion:

    There's ample factual reasons to criticize the bankruptcies—from the treatment of Delphi's retirees and GM's unsecured bondholders to the advantages GM, Chrysler and Chrysler's new parent Fiat gained over Ford. But doing so requires acknowledging that *OBAMA'S DECISIONS*, including his call to save Chrysler when some advisors were ready to let it go, were *MOSTLY RIGHT:* GM and Chrysler came out stronger and leaner, keeping jobs in the country that would have disappeared if they'd gone out of existence.



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