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...Overall industry sales dropped 35% in November. Ford actually beat the industry, reporting a sales drop of 30% but GM reported a 41% drop and Chrysler's fell 42%. Nissan's sales dropped 44%, Toyota fell 35% and Honda fell a similar amount. "We cannot continue to operate at these levels or the entire industry is going to go down," said Mike DiGiovanni, GM's director of market analysis, who acknowledged the steep drop in sales in October and November was devastating to the company's finances...
...Automakers also took steps to avoid the kind of public relations disaster that dogged their first aid-seeking trip to Washington D.C. last month Ford chief executive Alan Mulally and Chrysler Chairman Robert Nardelli said they would drive to Washington D.C. Mulally, in a carefully worded statement, also said he would reduce his $21 million salary to $1 if the company tapped the federal line of credit...
...Wagoner's travel plans are still secret but he won't be traveling via corporate aircraft. Wagoner also said he was reducing his salary to one dollar and four other top GM executives agreed to reduce their cash compensation by 50 percent. Both Ford and GM also announced they plan sell their corporate aircraft...
After all, while GM was down 41.3% for the month, Ford Motor, Toyota and Honda - healthier companies all - also reported U.S. sales drops of 30% or more. (Read "Why the Big Three Should Fly Corporate Jets...
...sales decline begin way back at the beginning of the year, when its truck-heavy product lineup began to sag in the face of higher gasoline prices. So for the first 11 months of 2008, GM's sales have fallen 21.9%. While that is comparable to Ford and Chrysler (down 20.6% and 27.7% respectively), it's far worse than Asian competitors. Toyota is down 13.4% this year, Honda has declined just 5.4%, and Nissan has shrunk by 9.1%. They will be far better positioned to rebound once the market recovers...