Financial Times FT.com

Auto crunch

US car sales sink to lowest level for 25 years

By Bernard Simon in Toronto

Published: November 3 2008 19:54 | Last updated: November 3 2008 21:40

Sales of light vehicles in the US sank to their lowest level in a quarter of a century last month, with generous discounts failing to offset evaporating consumer confidence and scarce credit.

“This is clearly a severe, severe recession in the US auto industry,” said Mike DiGiovanni, General Motors’ sales analyst. “We’re much more concerned than we were a month ago.”

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