US auto sales plunged 22.7 percent last month after the end of the “cash for clunkers” program left cautious consumers with few reasons to visit dealerships, industry data showed on Thursday.
However, the Detroit Three managed to claw back some of the share they had lost. Asian automakers had captured more than half the US market for the first time in August thanks to that loss.
Asian makers’ share slipped to 46.5 percent last month from 52.3 percent in August but was still 7.6 points higher than September last year, Autodata said.
PHOTO: AFP
General Motors, Ford and Chrysler held 43.8 percent of the market last month, up 3 points from August, but down 8.5 points from a year ago.
European automakers increased their share to 9.6 percent from 6.9 percent in August and 7.8 percent in September last year.
Automakers were mixed in their outlook for the rest of the year after total sales fell to a seasonally adjusted annualized rate of 9.22 million vehicles from 14.09 in August and 12.57 in September last year.
“We believe the remainder of 2009 will continue to be a challenge for the US automotive market,” said Peter Fong, lead executive for Chrysler’s sales organization. “Credit markets have thawed slightly, but still remain tight, and consumer confidence, as we saw in September, is tenuous.”
Ford sales analyst George Pipas said the automaker expected industry sales to improve in the fourth quarter from the weak performance earlier this year but cautioned that “it’s going to be pretty slow going.”
“For many consumers, it won’t feel like the recession is over, even though technically it may be,” Pipas said.
Toyota was more optimistic.
“Improving economic conditions and the [cash for clunkers] program led to a significant increase for the industry in the third quarter over the first half-year,” said Don Esmond, vice president of automotive operations for Toyota Motor Sales USA.
“Moving into the fourth quarter, we expect continued momentum will close the year on a bright note,” he said.
The US$3 billion cash for clunkers initiative sparked nearly 700,000 auto sales before it expired in August by offering owners of old gasoline guzzlers up to US$4,500 toward a new, more fuel-efficient vehicle.
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