US Auto Sales Fall Due to High Fuel Costs
Tuesday, July 1 2008
Automobile sales in the United States fell in June as high gasoline prices kept consumers away from trucks and sports utility vehicles that require a lot of fuel.
U.S.-based General Motors, the world's largest carmaker, Tuesday announced sales fell more than 18 percent in June from the same month last year. GM's Japanese rival Toyota reports its sales fell more than 21 percent.
In a statement, GM said its truck market has been affected by the sudden rise in fuel prices. But, it says demand is continuing to grow for hybrid cars, which use less fuel than conventional vehicles because they combine a gasoline engine with high-tech batteries and electric motors.
On Friday, a major U.S. credit-rating service announced renewed concerns about the top three American automakers, GM, Ford and Chrysler, due to the industry-wide sales slump.
|
More from the United States |
|
US Fed Chief Defends Investment Bank Bailout
Top US financial officials say the markets could have been thrown into chaos if the government had not taken strong action to rescue a big investment bank that was falling into bankruptcy.
US Livestock ID Plan Stirs Debate
When the first case of mad cow disease was discovered in a US cattle herd almost six ago, it prompted calls for a national system that could prevent the spread of the incurable, brain-wasting illness and other diseases by tracking livestock from birth to slaughter.
Housing Crisis May Be On Verge of Recovery
New numbers suggest the US housing crisis has already reached bottom and may be on the verge of recovery.
US Trade Deficit Jumps
A government report says the US trade deficit increased significantly in July due to a surge in imports of foreign oil and autos.
US Central Bank Keeps Interest Rates Low
The US central bank is leaving interest rates unchanged amid a modest increase in economic activity. The Federal Reserve concludes a closely-watched two-day policy meeting on Wednesday.
|
|
