AUTOMOTIVE INSIGHT: Toyota closes in on GM

June 11th, 2008 at 3:00pm

As heard on
WWJ Newsradio 950

Listen to this story:

General Motors has been the biggest automaker in the United States for over 80 years, but now it’s in danger of losing that title.

Last month, for the first time in history, import brands sold more vehicles in the American market than the American car companies did. As a slowing economy, a housing recession and soaring gas prices take their toll, they’re hurting the Big Three more than anyone else.

Even more ominous for Detroit, Toyota came within 11,000 vehicles of catching GM. We’ll see how this develops as the year goes on, but I believe it’s only a matter of time until Toyota becomes the number one automaker in the American market. If not this year, probably next.

It’s a pretty grim market out there. And unfortunately there’s no sign in sight that we’ve hit bottom yet.

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