Wednesday, July 2, 2008
We're practically giving them away.
As we spiral ever-deeper into what seems like it will be an infrastructure-shaking recession, news comes from Detroit that something's rotten in the state of Motown.
Chrysler sales dropped a whopping 36%. Ford was down 28%. GM fell 18%. Even Toyota's sales dropped 18%.
According to The New York Times: "Mark LaNeve, GM's vice president of North American sales, said it was not possible to figure out how much GM's month-ending three-day sale boosted June sales."
Note to Mark LaNeve: do you really think anyone will buy a GM vehicle unless you pay them to do so?
My prediction: after the short-term sales heroin of daffy dipshit dollar daze wears off, GM's sales slide will accelerate. It's simple, they make a product no one wants that serves a need no one has. They promote that product with marketing no one likes and sell it through a channel people despise.
PS: The chart above is GM's stock price over the last decade. On Monday, GM's share price hit its lowest point in over half a century.
Posted by George Tannenbaum at 7:26 AM