Auto sales: bleak, but is it the bottom?

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DETROIT (Reuters) – U.S. auto sales in June are expected to post a double-digit decline, dropping to a 15-year low as record gas prices killed the market for trucks and SUVs and made it impossible for many drivers to swap out for more fuel-efficient, new cars.

Now the urgent question for investors has become whether the world’s largest car market has hit bottom or whether an even deeper downturn awaits over the remainder of the year due to $4 per gallon gasoline and tighter credit.

Evidence of a prolonged slump would also add to concerns that Detroit’s automakers, saddled with truck-heavy lineups and mounting losses, may not have enough cash to ride out the current tailspin.

Reuters