GM Sales Off 45% as US Auto Sales Hit 25-Year Low

US auto sales dived in October to levels not seen since 1983, Bloomberg reports.  GM, Ford, and Chrysler saw sales drop 45%, 30%, and 36% respectively as credit dried up and consumer confidence plummeted. Toyota, Honda, and Nissan all saw sales fall over 20%, but managed to gain market share from their US counterparts. Toyota's 23% drop came despite a 0% finance program.

GM said the industry sales figures, adjusted for population growth, were the worst "in the post WWII era." Dealers—and automakers—are in danger of going bust if the freefall continues, but some expect improvement in November. "I think quite frankly we're going to have a better month,'' a Nissan vice-president said. "One way or another, this seemingly endless campaign finally gets closed. Whether you like it or not, you'll know what's going on." (More Toyota stories.)