General Motors Corporation announced today that its third quarter sales declined 11.4 percent this year. This is mostly due to falling sales in the United States and Europe. North American sales fell 18.9 percent while Europe saw a downturn of 12.3 percent.
Although the automaker netted a loss, GM saw record-breaking sales performance in its Latin America, Africa and Middle East, and Pacific regions. GM sold more than 2.1 million vehicles globally during the third quarter of 2008 with 1.3 million (or 61 percent) coming from outside the United States.
"The recent challenges in the global financial markets, including credit tightening and the drop in commodity prices, have negatively impacted market demand," Jonathan Browning, vice president, global sales, service and marketing, said in a statement. "However, our sales performance shows that we are continuing to take advantage of new emerging market opportunities and are meeting customer needs with fuel efficient products that offer compelling design and great value."
Source: Detroit Free Press