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U.S. markets recover from steep losses
DETROIT, Dec. 2 (UPI) -- Automaker Ford Motor Co. said sales decreased sharply in November and projected a 38 percent cut in U.S. production for the first quarter of next year.
Ford sales declined 31 percent in November compared with a year ago, while sales at Toyota Motor Corp. dropped 34 percent with 130,307 light vehicles sold in the month, The Wall Street Journal reported Tuesday.
November marked Toyota's seventh consecutive month of sales declines with passenger cars sales off 32 percent, SUV sales off 30 percent and light trucks down 36 percent.
The company said it had canceled winter bonuses and would stop production of some models in Japan for two days in December.
Ford, scheduled to present its case for a $25 billion federal bailout in Washington on Thursday, said light vehicle sales fell 31 percent to 122,723 in November. "The economy continues to weaken and auto sales reflect this reality," Ford's head of marketing and communication Jim Farley said.
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