Ford and General Motors see 23% drop in sales figures

General Motors and Ford see 23% drop in sales figures

The top two American automakers are continuing to show that they are struggling in the market where Japanese companies are taking over. Just after they both stopped their employee pricing schemes, both the companies have reported massive drop in sales of their vehicles. Continuing high rising fuel prices meant that GM and Ford both had 23% drops in sales figures for their cars.

Interestingly, the market for the Japanese vehicles grew as Honda and Toyota both saw an improvement of 4% and 5% respectively. In fact, J.D. Power survey says that Toyota had the biggest U.S. retail market share in early October. Some of the main reasons for these drops for GM and Ford are the growing preference for fuel-efficient cars over gas guzzling big sport utility vehicles.

However, GM and Ford were not the only losers in the American market. Many other automakers suffered drops in sales in the aftermath of the massive hurricanes, which have hit the country in the recent times. The fluctuating economy and the uncertainty over jobs are not helping the industry either.