Auto Sales
Auto companies became hit and misses of the sales reports this quarter. DaimlerChrysler was hit with a 35 percent drop in domestic sales. For the sixth month Ford 35.2 percent and General Motors 22.2 percent have had a decline in sales. Honda rose 6 percent and Toyota’s sales 11.7 percent. As for Toyota they have stepped it up a notch and are currently beating out Ford for the number two spot in auto sales in the USA. It has many thinking what is going on. GM and Ford are both pushing the ethanol fuels for their new line of cars and that sort of came back to hit them as ethanol is starting to cost more then unleaded gas. Months ago ethanol in parts of Iowa was 10 cents cheaper then unleaded gas, but now that has flipped and ethanol now costs 10 cents more. It sort of makes me wonder where in the world are these companies going with ethanol thought. Shoot for about $1000 you can change a Volkswagen TDI Jetta into a car that runs on free waste oil from restaurants and not only that, but these cars will get 40-50 per gallon. I imagine Ford and GM really don’t have much to look at besides merging.
These past couple of days the big markets in the USA has been taking hits. The Dow dropped 60 today and the NASDAQ follow the lead with a 29 point drop.
