November sales across the auto industry collapsed. For the Detroit 3 the declines were:
Today was also the deadline for the Detroit 3 to submit their "restructuring" plans. Their "loan" requests were:
- GM - $12B plus $6B contingent
- C - $7B
- F - $9B contingent line
Elsewhere, far too many people remain indifferent or opposed to bailing out the Detroit 3 in some manner. As I outlined below, letting one or more fall into an unplanned CH11 would be very dangerous and could lead to a meltdown of all three.
Update: Chart Pr0n!
Look at that drop-off. There has been a slight downtrend of per capita sales over the past decade, but starting in September sales absolutely collapsed. Annualized sales should set a new record low next month, and per capita sales will do so a second consecutive time.