Pickup truck sales latest victim of high US gasoline prices

CHICAGO (AFP) – The pickup truck became the latest victim of high gasoline prices in June, cutting deeply into the profits of US automakers which are reliant upon the gasoline-guzzling vehicles, according to figures.

Sales figures showed sharp drops in sales overall for General Motors Co., Ford Motor Co. and the Chrysler Group as consumers turned towards more fuel-efficient smaller cars, a segment dominated by Asian imports.

Early reports also showed a general slow-down in vehicle prices as US consumers – who have been spending more than they earn for 12 straight months – respond to higher interest rates.

Year-ago comparisons also showed sharp declines because of last year’s record-breaking sales after General Motors started a price war with its employee-pricing program.

AFP