While Wall Street bulls kicked up their heels last week, autoindustry executives in Detroit were grinding their gear teeth in frustration. After an encouraging 1.3% rise in January, domestic sales for the Big Three automakers in the six weeks ending March 10 were 4.7% lower than those in the same period last year. Adding to the less than rosy picture, General Motors announced plans to close five of its plants temporarily to pare an oversupply of slower-selling models, thus idling more than 10,000 workers.
One reason for the auto slump is that customers are not...
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