How bad is it for U.S. Auto Makers? According to yesterday's testimony to congress (CBS):
"There isn't a Plan B," said Chief Operating Officer Fritz Henderson. "Absent support, frankly, the company just can't fund its operations." Without help, the company warned, "the company will default in the near term, very likely precipitating a total collapse of the domestic industry and its extensive supply chain, with a ripple effect that will have severe, long-term consequences to the U.S. economy."Why? It appears nobody is buying their cars:
Year over Year Sales (click for ginormous chart)
As we've detailed, the Mini is #1 in year over year growth (actually the only vehicle with an increase), while the Hummer is last. What... one little recession and there is no longer the need to take little Tara to her soccer game in a tank? What has this world come to?
Month over Month Sales (click for ginormous chart)
Month over month sales of the Hummer are flat... phew! I was worried for a second.