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Thursday January 31, 7:24 AMIsuzu to back out of US auto market
While the automaker will continue to operate its commercial truck and diesel engine and component businesses, new vehicle sales to consumers will end on January 31, 2009, Isuzu said in a statement. Isuzu is pulling out because General Motors Corp. is expected to stop producing the three vehicles which Isuzu had been selling in the United States, the automaker said. "It has always been our intention to remain in the US market," said Isuzu Motors America president Terry Maloney. "However, we were unable to secure any commercially viable replacements for these vehicles." Isuzu first entered the US market in 1980 and managed to grow sales to more than 100,000 vehicles a year by 1999. But sales began to plummet in 2002, the same year that Isuzu started selling vehicles manufactured by General Motors Corp., which had an equity stake in the Japanese automaker. By 2007, sales were down to around 7,000 vehicles and Isuzu was offering just three models to US consumers: the Ascender sports utility vehicle and two pickup trucks manufactured by GM. GM sold its equity stake in Isuzu in 2006 in order to raise much-needed cash as it implemented a massive restructuring program. Isuzu said it would continue to honor all warranties on its vehicles and expected that most dealers would continue to operate as service-only dealers. |
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