DETROIT — U.S. auto sales slumped to a 16-year low in July as automakers failed to keep up with consumers’ growing demand for smaller, more fuel-efficient vehicles. Although production changes might help that problem, trouble in the credit and auto leasing markets will continue to take a toll on sales.
U.S. sales fell for General Motors (down 26 percent), Ford (15 percent) and Toyota (12 percent), the automakers said Friday. Nissan Motor Co. was the only major automaker to report a gain. Nissan’s overall sales rose 8.5 percent.
Automakers were expecting a slide in July as high gas prices continued to cut into sales of trucks and sport utility vehicles and new troubles in the auto leasing sector further wrecked consumers’ confidence.
July’s seasonally adjusted sales rate, which shows what sales would be if they continued at the same pace for the full year, was 12.5 million vehicles, according to Autodata Corp. That’s down from 17 million as recently as 2005.
