June 18 (Bloomberg) -- U.S. vehicle sales may plunge to their lowest in more than 15 years this month as soaring gasoline prices leave dealers with too many big trucks and a shortage of fuel-efficient small cars, analysts said.

June's annualized sales rate may drop to between 12.5 million and 13 million vehicles, according to reports from Citigroup analyst Itay Michaeli and Deutsche Bank analyst Rod Lache. That would be the lowest since the 12-million rate in March 1993 and as much as 20 percent below June 2007 levels.

``Dealers report they are now suffering from a mismatch between what consumers want to buy (small cars), and what they have in inventory,'' which are pickups and sport-utility vehicles, Lache wrote.

U.S. auto sales have averaged 16.8 million annually this decade. They are now at ``surprisingly low levels,'' Lache said.

Additional declines may further set back General Motors Corp.'s and Ford Motor Co.'s turnaround efforts on their home turf. The U.S. is the world's largest sales market and the biggest source of revenue for the two money-losing automakers.

Industry sales for the year may drop to 14.5 million, said Lache, who is based in New York. That would be the fewest since 1993, when 13.9 million were sold. In the first five months, U.S. light vehicle sales fell 8.4 percent to 6.2 million, according to Autodata Corp. of Woodcliff Lake, New Jersey.

Sales of pickups and SUVs, the most profitable vehicles, may fall nearly 40 percent in June, said Michaeli, who is also based in New York. GM and Ford may report sales declines of 28 percent and 27 percent, respectively, he said.

Chrysler LLC Chief Executive Officer Robert Nardelli said in a memo to employees the U.S. market ``continues to struggle'' and that sales this year were trailing the company's expectations. The Auburn Hills, Michigan-based automaker previously forecast 15.5 million light vehicle sales this year, below Ford and GM's estimate of 15.7 million.

GM dropped 93 cents, or 5.9 percent, to $14.89 at 4:01 p.m. in New York Stock Exchange composite trading. Dearborn, Michigan- based Ford was down 38 cents, or 5.8 percent, to $6.22. Shares of Detroit-based GM are trading at 26-year lows.

To contact the reporter on this story: Greg Bensinger in New York at gbensinger1@bloomberg.net

Last Updated: June 18, 2008 16:08 EDT