DETROIT — Automakers reported mixed U.S. sales results for November on Monday, with some new or more fuel-efficient models performing well despite consumer malaise over high gas prices and the weak economy.
But even with rising sales of small cars and crossovers, the industry is predicting things will get worse in 2008. General Motors Corp. said Monday it is cutting scheduled first-quarter production by 11 percent, while Ford Motor Co. said it would cut scheduled production by 7 percent. Ford’s top U.S. sales analyst, George Pipas, said the automaker is predicting sales will be at their slowest pace in a decade in the first half of 2008.
Shares of automakers fell. GM dropped $1.22, or 4 percent, to $28.61 in trading Monday, and Ford shares declined 26 cents, or 3.5 percent, to $7.25. Toyota shares fell $1.53, or 1.4 percent, to $110.92. Shares of Nissan declined 23 cents, or 1 percent, to $22.67, and Honda shares dropped 92 cents, or 2.7 percent, to $33.49.
November sales fell 2 percent industrywide in November, according to Autodata Corp. Car sales were up 6 percent but sales of trucks and sport utility vehicles fell 7 percent.
GM, the biggest automaker by U.S. sales, said its November sales dropped 11 percent, hurt by falling demand for trucks as well as cuts in sales to low-profit rental car fleets, while Chrysler LLC said sales fell 2 percent. Ford and Toyota Motor Corp. both reported flat sales for the month. Honda Motor Co.’s sales were up 5 percent while Nissan Motor Co.’s sales rose 6 percent.
