One feature of past oil shocks that contributed to an economic downturn was a sudden change in consumers’ car purchases. But the latest indications are that U.S. automakers so far at least are not experiencing the same kind of problem this time around.
Automotive News carried this story today:
Analysts: June is sales home run for GM
General Motors, spurred by its program of employee discounts for everyone, is the runaway U.S. sales winner in June, several industry analysts say. Estimates of GM’s sales gain for the month range from 26 percent to more than 30 percent over June 2004.