Not Much Traffic In The Showroom
The surge of car buying that auto makers expected this fall isn't materializing. With few exceptions, car sales are stuck in neutral, and most companies are trimming expectations for the rest of the year. Honda now figures U.S. auto sales will fall short of its projection of 8.5 million cars this year. General Motors planners recently came to a similar conclusion, and on Sept. 22, it dumped 79,000 cars and trucks from the third-quarter production schedule. Wall Street responded by thrashing the Big Three's shares.
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