Steve Gann2009 Car Sales Lowest Since 1970
January 9th 2010 00:01
Now that total US car sales have been tallied for 2009, the results are simply staggering. For the first time in history, China has overtaken the US as the country with the highest domestic auto sales.
U.S. car sales totalled 10.4 million in 2009, the lowest figure since 1970. Analysts expect this figure to rise about 15% to 11.5 million cars in 2010, but that's still way below the 2001 peak of 17.4 million cars sold.
The big three domestic brands (GM, Ford, and Chrysler) all incurred a large drop in sales for 2009. Ford did the best out of the three, with sales down 15% while GM sales were down 30%. Chrysler fared the worst with sales down 36%. It was the first time since 1962 that Chrysler failed to sell more than one million cars in one year.
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Only 3 car makers sold more cars in 2009 than in 2008: Subaru, Kia and Hyundai. Subaru had a record year as it increased sales by 15%.
Going into 2010, analysts are expecting a 15% increase in sales. Many car manufacturers have been ramping up production in anticipation. Even if sales do increase, 2010 is still going to be a great time for car buyers considering sales will still be down nearly 40% since peak.
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