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| Ford and GM see big fall in sales | |
| (about 1 hour later) | |
| Ford and General Motors (GM) both saw a a sharp fall in US sales in January, as the woes facing the country's carmakers show no signs of improving. | |
| Sales at Ford plunged 42% last month from a year earlier, while those at GM declined even further, slumping 49%. | |
| Ford's bleak sales update comes just a week after it reported a record $14.6bn (£10bn) annual loss for 2008. | Ford's bleak sales update comes just a week after it reported a record $14.6bn (£10bn) annual loss for 2008. |
| GM and Chrysler, the third big US car firm, needed a multi-billion dollar government rescue deal last month. | |
| Chrysler is also due to report a big fall in January sales. | |
| Government support | Government support |
| American car sales have slumped as consumers have cut back on making large purchases as US recession has deepened. | American car sales have slumped as consumers have cut back on making large purchases as US recession has deepened. |
| GM and Chrysler sales are also expected to be sharply lower | GM and Chrysler sales are also expected to be sharply lower |
| The decline has also hit sales of foreign cars in the US. Toyota's January US sales were down 32% from a year earlier, while those at Nissan dropped 30%. | |
| General Motors (GM) and Chrysler were last month given a $17.4bn bail-out from the White House, after they warned that they were running out of cash. | General Motors (GM) and Chrysler were last month given a $17.4bn bail-out from the White House, after they warned that they were running out of cash. |
| The financial situation at Ford is not as bad, although it has secured a $9bn government credit line that it will be able to access in the future if needed. | The financial situation at Ford is not as bad, although it has secured a $9bn government credit line that it will be able to access in the future if needed. |
| GM said on Tuesday that it would offer voluntary redundancy to 22,000 US employees as it seeks to cut costs. | GM said on Tuesday that it would offer voluntary redundancy to 22,000 US employees as it seeks to cut costs. |
| Industry-wide US car sales fell 185 in 2008 to 13.2 million vehicles. | Industry-wide US car sales fell 185 in 2008 to 13.2 million vehicles. |
| Sales for 2009 are expected to drop near 10.5 million, analysts say. | Sales for 2009 are expected to drop near 10.5 million, analysts say. |