Auto sales plunge again

Dismal sales reports from GM, Ford, Toyota kick off what is expected to be the worst month for the auto industry in 27 years.

NEW YORK (CNNMoney.com) — The nation’s major automakers each reported sharp declines in February sales Tuesday, leaving the industry poised to suffer its worst month since 1981.

The weakness was broad-based, with sales of virtually every vehicle offered by the nation’s largest automakers falling at least 10% from year-ago levels. Chrysler, due to report results later Tuesday, is expected to report the largest sales drop among the major automakers.


Industry executives said it appears the seasonally adjusted annual rate of sales in February would be under 9 million for the first time since December 1981. A year ago, this sales rate was 15.3 million.

And some suggested the current sales slump may be far from over.

CNN