US automakers are in serious trouble with the Financial Times reporting that China has overtaken the US in car sales. According to the FT, annualised US car sales slipped below 10 million last month despite the big discounts and deals they were offering while China's car sales crept up to 10.7 million. True, analysts say the figures are not comparable because the Chinese data includes all vehicles produced in China, including heavy commercial vehicles and buses. Still, it's an ominous sign and there is no doubt the US auto industry is struggling.
Certainly US car makers are losing business with Bloomberg reporting the General Motors sales fell 49%, Ford Motor Co.'s sales were down 40% and Chrysler LLC's plunged 55%. Toyota was down too, as was Honda and Nissan, but Hyundai and Kia are now grabbing market share.
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