Reports from two major automakers showed Americans clearly have other things on their minds besides buying a car, as automobile sales in June broke all predictions for a decline.
Toyota Motor Co. reported a drop of 21% in sales for June over last year, despite having the nation’s best selling hybrid vehicle, the Prius. Demand for the fuel-efficient Prius has far exceeded the ability of the Japanese automaker to keep up with supplies.
Ford Motor Co. posted a 28% decline in year-over-year sales, with sales of its SUV cut in half and demand for trucks down by a third. Even as consumers were searching for fuel-efficient cars, Ford car sales fell overall by 12%.
Reports from other automakers are due Wednesday, with economists predicting that only Honda Motor will post gains over last year’s numbers.
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