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You forget the most important underlying problem for both Ford and Chevy: the majority of their profits are made in pickup trucks, SUVs, and similar type vehicles. With the price of gas moving up, the demand for these trucks as "personal transportation" will certainly drop, which again eats away at the bottom line. They have spent huge percentages of their total product development on these things, and now they have a product line that isn't in keeping with $50+ barrel oil and $2 - $3 pump gallon gas.
We pay a bit more up here still, and the local chrylser deal is reporting many companies that were using minivans and such for light deliveries are moving to hatch backs or PT cruiser size cars. The diesel Jeep Liberty is outselling the gas ones.
Ford and Chevy are, well, fubar (with no insult intended for JFK!)
Alex
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