US auto industry welcomes below 30 drop, fall slowing down
A recent study showed that US auto sales are showing some signs resistance from the falling vehicle market as it registered a 28 percent drop. It is the first time that the auto sales market breaks the 30 percent drop since it crashed down in September 2008.
Auto industry, meanwhile, welcomes the result as they expect to surge upwards in the coming months.
Chicago-based Autodata Company released a report on Wednesday showing the US auto market making a slow comeback as it breaks the 30 percent barrier for the first time in months. The drop in the US auto sales is now in the 28 percent mark.
The report said that the US automakers are now stepping on the breaks and hopes to take control in the downhill ride of the economy. The report also said that “success” can be attributed to the multi-billion dollar government auto programs.
Ford Motor Co. made the strongest surge as its market shares rose to 17.2 percent from last year’s 14.0. It is the sixth straight month where Ford sees rising shares.
Ford VP for marketing and communications Jim Farley said that they hope to make a steady progress and wish to continue providing customers with a sustainable yet a more exciting Ford. Analysts believe that Ford has benefited form the stumble of its rivals.
Ford’s rival Chrysler and General Motors also has their respective climb.
Chrysler, which had earlier sought bankruptcy protection from the US government, has its overall shares down to 7.9 percent in June.
GM, on the other hand, registered a drop of 20.2 percent this month compared to 20.5 in May. GM also managed to increase retail sales by 10 percent in June despite announcement of bankruptcy.
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