Feb very disappointing for car sales: GM exec
GENEVA (Reuters) - February was poor in terms of sales for the auto industry, General Motors Corp (GM.N) Vice Chairman Bob Lutz said on Monday.
"February was a very disappointing month for industry sales. I think most everyone is going to be down," Lutz, GM's product development chief, told Reuters on the sidelines of the unveiling of a concept car for the Saab brand at the annual Geneva autoshow.
GM in January posted a surprise 2.6 percent increase in U.S. vehicle sales on the back of popular new models, as its Japanese and U.S. rivals reported declining sales.
But analysts already expect U.S. car and light truck sales to drop by between 6 and 10 percent in February from the same month a year earlier after adjusting for an additional sales day last month.
The auto sales data represent one of the first snapshots of overall U.S. consumer demand and the projected weakness could provide more evidence for those who believe the U.S. economy has already slipped into recession.
"We still expect the economy to recover in the second half," Lutz said. "Our crystal ball is not that much better than anybody else's."
(Reporting by Gilles Castonguay; Editing by David Holmes)
© Thomson Reuters 2009 All rights reserved



