Automakers announced disappointing sales results for August.
Mitsubishi sales plunged 60.8 percent. Volkswagen and Mazda also posted sharp drops from last year's levels. Honda sales were down 14 percent. Toyota sales fell 10 percent.
Ford Motor Co., DaimlerChrysler AG and General Motors also posted losses.
Ford said it was setting its fourth-quarter North American production below last year's levels in a move that could hurt its earnings.
Ford has been losing market share to Asian and domestic rivals. Its U.S. sales fell 12.9 percent in August.
To help cut inventories of unsold cars and trucks, Ford said it would produce 830,000 vehicles in the fourth quarter compared with 900,000 in the same quarter a year ago. Production cuts can hurt earnings because Ford and other automakers count profits from vehicles when they are shipped to dealers, not when they are sold to consumers.
GM, also struggling with excess inventories of unsold cars and trucks, set its target for fourth-quarter production in North America at 6.8 percent below year-ago levels.
DaimlerChrysler's sales fell 5.7 percent.
|Aug.||Aug.||Pct.||8 mos.||8 mos.||Pct.|
|Ford Motor Co.***||270,508||310,429||–12.9%||2,241,525||2,355,342||–4.8%|
|Numbers in this table are calculated by Automotive News based on actual monthly sales reported by the manufacturers and may differ from numbers reported elsewhere. |
Source: Automotive News Data Center
Note: Other includes estimates for Ferrari, Lamborghini and Lotus
*Includes Mini and Rolls-Royce
***Includes Aston Martin, Jaguar, Land Rover and Volvo
Includes Honda Division and Acura
Includes Hyundai and Kia
Includes Nissan Division and Infiniti
Includes Toyota Division and Lexus
Includes VW, Audi and Bentley