Despite agressive discounts from major automakers U.S. automotive sales dropped 41% in February, the lowest level for the month since 1967.
General Motors experienced a 53% percent drop in sales while Ford dropped 48% in February, Chrysler posted a sales drop of 44%.
These sales figures close the 16th consecutive monthly drop in auto sales and come as a deepening recession in the United States and slowing global markets have forced automakers to slash production numbers, increase discounts and seek government financing just to keep their doors open.
Japanese automakers fared slightly better with a sales drop of 37% at both Toyota and Nissan and 38% at Honda.
Overall sales fell to 9.1 million vehicles on the annualized basis tracked by analysts, the lowest level on that basis since December 1981.
Toyota has applied for a Japanese government loan to help its finance arm and a Honda spokeswoman said her company was also considering applying for the government loan program.
Ford and GM responded to last months weak sales figures by reducing planned production by 38% for the second quarter hoping to keep inventories low despite the loss of revenue, GM cut their quarterly production by 34%.
South Korea’s Hyundai outperformed again with sales down only 1.5 percent and Kia sold 85 more vehicles in February than its year-earlier tally.
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