This is not the way to avoid bankruptcy. GM, which will announce March car sales tomorrow, has told its dealers the company has achieved less than two-thirds of its retail sales goal for this month. GM, which had a March sales target of 143,800 Azteks (I jest, I jest), has only sold 91,400 through yesterday - a number which will disappoint even the worst case scenarios, which project the soon to be bankrupt automaker as declining by 48%.
Together with comparable ugly numbers from Ford and Chrysler, the March SAAR with likely be below the 8.8 million consensus- a number last seen in December 1981. This compares with a 9.6 million January and 9.1 million February SAAR. Other consensus estimates are for drops of 46% at Ford and 45% at Chrysler, together with 41% for Toyota and 42% for Nissan.
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