America's two best-selling vehicles, the Ford F Series and the Chevrolet Silverado saw their sales drop 11.7 percent and 14.1 percent respectively from a year earlier. And yet the Toyota Tundra jumped by more than 43 percent. What to make of this?
Toyota sells only about one-third as many trucks as Detroit's two titans. So while Toyota continues to steal market share from Ford and Chevy, overall truck sales are feeling the effects of high gas prices. Those who purchase trucks as a fashion item or for marginal utility are clearly rethinking their needs.
Need proof? The Honda Accord and Civic saw sales climb by about 25 percent each. Sales of the Toyota Prius doubled from a year earlier. And even the lowly Chevy Cobalt saw sales climb by nearly 30 percent. Granted, sales to rental companies can distort these numbers. So can the cycle of model changes. Still, GM and Ford both announced plans to trim production for 2008.
Sources: Bloomberg, New York Times, CNN Money
