NEW YORK (CNNMoney.com) — June auto sales plunged, according to reports from the nation’s major automakers, as Americans shunned pickups and SUVs in the face of record gas prices and growing concerns about the weak economy.
Despite high gas prices, sales of many fuel efficient car models also fell sharply in the month as automakers were caught without the supply of vehicles that people suddenly wanted to buy.
The initial reading of industrywide auto sales from Autodata showed sales tumbled to a seasonally adjusted annual rate of 13.6 million vehicles in the month, down from the 14.3 million pace in May, which was also considered a weak month for sales, and 2 million cars and light trucks below the year-ago pace. It was also the weakest sales pace in 15 years.