U.S. auto performance plunges again in Jan

Special Report:Global Financial Crisis

BEIJING, Feb. 2 -- Chrysler LLC and General Motors

Corp, operating with 24.9 billion U.S. dollars in U.S. support, may have led

U.S. auto sales to a fourth month of 30 percent decreases and a pace not seen

since the recession of the early 1980s.

Sales fell 49 percent at Chrysler in January from a

year earlier, 39 percent at GM, and 33 percent at Ford Motor Co, based on the

average estimates of eight analysts surveyed by Bloomberg.

General Motors Vice President of Global

Design Ed Welburn (L) shows the Volt vehicle to U.S. Senator Bob Corker

(R-TN) at the American International Auto Show in Detroit, Michigan

January 13, 2009.(Chinese media/Reuters Photo)
Photo Gallery

Toyota Motor Corp may report a 30 percent drop, Honda

Motor Co could slip 26 percent, and Nissan Motor Corp may fall 33 percent,

according to four analysts.

The drop would mark the 14th month of declining

sales, amid low consumer confidence and more than a quarter-million job cuts at

companies from Starbucks Corp to Caterpillar Inc. Car-rental companies,

government agencies and other bulk customers also may have cut their purchases

in half last month amid the deep recession, said Jesse Toprak, director of

industry analysis for auto-research firm Edmunds.com in Santa Monica,

California.

The 2010 Toyota Prius is seen during the

North American International Auto Show in Detroit, Michigan January 13,

2009.(Chinese media/Reuters Photo)
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"Until we see stabilization in the housing market and

job market we're not going to see a real rebound in car sales," Toprak said.

Automakers may soon report new vehicles sold at a

seasonally adjusted annualized rate of 10.2 million units, according to the

average estimate of 30 analysts and economists surveyed by Bloomberg.

In October, the sales rate was 10.6 million, the

lowest rate since February 1983, according to Autodata Corp of Woodcliff Lake,

New Jersey.

A rate in January of 10.3 million, the average of

nine industry analysts' estimates, would equal the pace in December, after

November's sales rate of 10.2 million, the lowest for a month in 26 years. If

that happens, it may signal the industry has seen its lowest monthly rate, said

Jeff Schuster, head of global forecasting with consulting firm J.D. Power

Associates.

(Source: China Daily/Agencies)