DETROIT — Automakers got hit where it hurts in February, with U.S. sales of their most profitable autos — trucks, sport utility vehicles and large sedans — plunging as consumers reacted to high gas prices and a possible recession. General Motors and Ford announced second-quarter production cuts in the face of the falling sales.
GM reported a sales decline of almost 13 percent for the month, while Ford’s sales slumped 7 percent, Chrysler’s tumbled 14 percent and Toyota’s fell 3 percent. It was expected to be a difficult month for automakers as consumer confidence continued to slide.
Declines in home construction also have significantly weakened truck sales.
Mark LaNeve, GM’s vice president for North American sales and marketing, said tightening automotive credit standards may also be hurting sales.
“On the edges of a difficult market, it’s one of those things that makes it more difficult,” LaNeve said.
If the February sales rate held steady for the full year, U.S. sales would be 15.4 million units in 2008, according to Autodata Corp. That’s down from a rate of 16.6 million units in February 2007.
Honda bucked the trend, posting a 5 percent increase in U.S. sales as booming sales of its small cars and crossovers picked up the slack from its slumping Ridgeline pickup and luxury sedans. The subcompact Honda Fit saw sales jump 62 percent. Honda’s sales were up nearly 2 percent for the first two months of the year.
LaNeve said that while a week-long strike at American Axle and Manufacturing Holdings Inc. has idled some GM plants, the company has enough inventory of trucks and SUVs to last at least 60 to 90 days.
“Right now, it’s not a threat to us doing business given our relatively healthy inventory situation,” he said.
This year is expected to be the slowest in a decade for the U.S. auto industry, but automakers are still predicting sales will pick up in the second half thanks to the federal stimulus package and pent-up demand. In the meantime, it will be tough going, and the biggest casualties are the kinds of expensive vehicles automakers counted on for profits in the past.
