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(CEP News) - November was one of the worst months for U.S. auto sales in history, according to figures released Tuesday from the largest U.S. automakers.
The annualized, seasonal adjusted rate of sales was 10.2 million, compared with the 10.5 million pace expected and the 10.6 million pace in October. Vehicle sales at the 'Big Three' were down between 31% and 47% in November compared to a year earlier. The numbers highlight the problems the auto industry faces, on the same day executives from Ford, General Motors and Chrysler present plans to U.S. government officials, asking for $25 billion in loans. Chrysler was the hardest hit. The company reported that it sold 85,260 vehicles in the month of November, which is down 47% compared to the same month last year. It said fleet sales were down 63% and retail sales were down 36%. GM said it delivered 154,877 vehicles in November, a 41% decline from the previous year. Economists believe autos sold at a seasonally adjusted annual rate of 10.5 million sales in November, a 36% decline compared to the previous year. The final figures will be released later on Tuesday. Foreign manufacturers are facing similar problems, the figures show. Honda and Toyota sales in the United States each fell by 32% year-over-year. Shares of Ford Motor Company were up 5.9% and shares of GM were up 5.7% at the Wall Street close. Chrysler is a private company controlled by Cerberus Capital Management LP. By Adam Button,
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