Big 3 auto sales slump

Detroit’s Big Three automakers all posted dismal June sales on Monday, while Toyota saw gains.

“I expect a double-digit decline in July, the magnitude of decline is the only thing left to be determined,” Ford’s George Pipas said on a conference call Monday.

“We will see some softening in consumer spending in the second half of the year,” Pipas said, adding that July and August will be “very difficult comparisons” with numbers from a year earlier, when U.S. automakers offered employee discounts to all consumers.
Sales for Toyota, which has eclipsed DaimlerChrysler to become the third-largest player in the U.S. auto market, shot up 14 percent.

Toyota has taken larger share of the contracting U.S. market as consumers have been drawn to its vehicle line-up, which trails only Honda (Charts) in average fuel economy.

“Fuel efficient products continue to drive the market, even as consumers are likely becoming acclimated to today’s fuel prices,” said Toyota Motor Sales Executive Vice President Jim Lentz.

CNN