This is rich – GM and Chrysler can’t even execute when the Fed’s pay people to buy cars

by Ryan Barr on September 1, 2009

in Economics,Politics

From the WSJ:

GM sales were off 20% in August, Chrysler was off 15%.  Of course that non-government owned company you may have hear of Ford, well its sales were up 17%.

I don’t wish any ill will on the employees of GM or Chrysler, but you have to wonder how on earth these companies are going to survive when they can’t even sell cars during a 3 billion dollar government giveaway.

Here is the basic data:

Ford Motor Co. said its August light-vehicles sales in the U.S. rose 17% from August of 2008 as the car maker benefited from the government’s “cash for clunkers” rebate program.

Hyundai Motor Co. said its U.S. results set a record in the month, with sales up 47% from a year earlier to 60,467. The Korean maker has been on a tear in the American market and was a big beneficiary of the clunker rebates.

Chrysler Group LLC, meantime, reported a 15% drop in its year-over-year August U.S. sales as the lack of inventory hindered potential purchases.

And Nissan Motor Co. reported its North American sales fell 2.9% in August from a year ago to 105,312 vehicles, though it said it also saw a boost from clunkers customers.

Later in the day from WSJ Breaking News:

GM reports U.S. light-vehicle sales fell 20% in August. Nissan sales dropped 2.9% while Hyundai sales surged 47%.

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