There does not seem to be any immediate scope for a reversal in the fortunes of the US Automobile industry. It has recorded a steep 28% decline in the month of June 2009 versus a year ago sales, which is steeper than what the analysts were expecting.
The surge in gas prices in the last few weeks also might have forced people to delay their purchases. While Ford recorded only 11% decline, Chrysler was sinking with a 48% drop in sales. General Motors was falling in between with a 33% decline in sales. All the companies saw their high end car sales crash faster than small cars.
Even Toyota saw its sales decline sharply due to inadequate discounts given to new customers.