This is kind of funny — General Motors shares are ripping higher today on news that adjusted sales were “only” down
19%. So I guess the auto business got better all of a sudden, right? Well, not really. GM’s boost was likely entirely
due to the late-month addition of “free money” — 0% loans of up to 72 months on many of its gas-guzzling models. The
promotion is scheduled to run through July 7.
Meanwhile, sales at Ford took an Acapulco-style cliff dive — 28%. Sales at Nissan were down 18%, while sales at Toyota
were off 21%. In other words, unless you “buy” sales, you’re having a hard time moving metal in this economy.
