According to a recent article published in MarketWatch, the huge exodus of SUV buyers as well as people trying to get rid of the gas guzzling machines is rapidly growing, and even the once resilient Toyota isn’t immune to the effects.

In May, General Motors Corporation sales dropped dramatically by over 19.2% compared to a year ago. And now, Chrysler (one of the nations leaders in SUV production and sales) is seeing a large part of their client base giving up and moving in droves towards a smaller, more economical car. But can you really blame people? With gas prices soaring well about $4 a gallon in many cities across the United States, the once proud owners of SUVs are beginning to get desperate to get rid of their vehicles. The problem is, however, that no one wants anything to do with SUVs.

The recent pullback on truck and SUV sales is causing Toyota President, Katsuaki Watanabe, to rethink the U.S. sales forecast for 2008. Deutsche Bank analyst, Rod Lache claims that the annual rate of sales has dropped to an all time low as the car and truck industry is heading into its worst sales year since the early 1990s. Watanabe is hopeful that Toyota’s small car lineup, which includes the popular Toyota Yaris and Toyota Prius hybrid, will be enough to offset the loss of sales on the SUV side. Only time will tell though.

With other economic problems looming such as the upcoming presidential election, the rising cost of food, expensive healthcare and problems in the housing market, SUV woes simply seem to be the proverbial “icing on the cake”.

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Tags: Auto News //