Auto sales plunge in face of $4 gas With gas at record highs, buyers stay away from SUV and pickup models, hitting May sales at GM, Ford and Toyota. By Chris Isidore, CNNMoney.com senior writer Last Updated: June 3, 2008: 3:54 PM EDT
Surprisingly, the Toyota Prius, the fuel efficient hybrid car, actually saw sales tumble 37% from year ago levels. But it appears the reason for this is that buyers were not able to find one as many dealers sold out of existing Prius inventory. "The Prius is as hot as any vehicle I've ever seen in the business," said Mike Maroone, president of AutoNation (AN, Fortune 500), the No. 1 dealership for all the major automakers. "People are looking at fuel economy and environment in different terms than they have in the past." GM: Trucks out, cars in
Automaker plans to shut 4 pickup and SUV plants, build more fuel-efficient vehicles, and may dump the Hummer brand. By Chris Isidore, CNNMoney.com senior writer Last Updated: June 3, 2008: 11:10 AM EDT Hello Volt He also announced that GM has approved production of the Chevrolet Volt, a so-called plug-in hybrid vehicle that can run about 40 miles without any use of gasoline. The Volt will be built in GM's Hamtramck, Mich., plant and is due in showrooms by the end of 2010. "We believe it's the biggest step yet in our industry's move away from its historic, nearly complete reliance upon petroleum to power vehicles," he said. "We believe the Volt is an important investment for the future of our company and our shareholders."
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