The good vibes got sucked out of the room pretty fast this afternoon. The market has given up its gains, and now GM, which had been up, is trading off over 5% following another miserable monthly sales report. Everyone knew that November was going to be bad, but the 41% decline in unit sales was worse than expected:
General Motors dealers in the United States delivered 154,877 vehicles in November, down 41 per cent compared with a year ago. GM car sales of 58,786 were off 44 per cent and truck sales of 96,091 were down 39 per cent. The steep decline in vehicle sales was largely due to a significant drop in the market’s retail demand compared with last year, and continuing economic uncertainty that has negatively impacted consumer confidence. “In November we saw the continuation of the dramatic decline in volume for the industry. Every manufacturer is posting awful numbers and we are no exception,” said Mark LaNeve, vice president, GM North America Vehicle Sales, Service and Marketing.
Like last month, the company does tout the success of the Chevy Malibu — which happens to be the car that Rick Wagoner will drive to DC.
We’re still waiting on GM’s official turnaround plan. Ford announced theirs this morning.