October Ford Sales Crash
Ford reported today that its October sales were down 30 percent in October compared to October of last year, as the auto industry is on pace to report its worst month in 25 years.
October sales of Ford SUVs dropped a stunning 54 percent.
Earlier today, Toyota reported a 26-percent decline in October sales. Edmunds.com is predicting a 17-percent October decline for Honda and a 29-percent dive for Nissan.
GM will report its October numbers later this afternoon; it is predicting a 38 percent drop compared to October 2007.
Shares of Ford dropped on the news, heading back down to the $2 range.
Ford is increasingly finding itself backed into a corner: If the GM-Chrysler merger goes through, Ford will be overmatched on scale.
Further, super-investor and nonagenarian Kirk Kerkorian clearly thinks the company is in trouble, as he dumped his shares of Ford last month, taking as much as a 75-percent loss on some of his shares. (75 percent = much, much more than a "haircut.")
Here's Post columnist Steve Pearlstein's column from last week advocating bankruptcy for Detroit, rather than bailout.
-- Frank Ahrens
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