Automakers cut ’07 outlook

General Motors Corp. on Wednesday cut its 2007 forecast for U.S. industrywide sales of cars and trucks, citing the weaker housing market and higher gasoline prices, and Toyota Motor Corp. said it expected the total to decline from 2006.

GM estimates total U.S. sales of 16.5 million to 16.6 million, a reduction from its Aug. 1 outlook of 16.6 million to 16.7 million, Chief Financial Officer Fritz Henderson said. That includes medium- and heavy-duty trucks. Ford Motor Co. cut its projection on that basis Tuesday.

Toyota estimates sales of cars and light trucks will be about 16.3 million, a drop of 2% from 16.6 million last year, said Jim Lentz, the automaker’s U.S. sales chief.

A declining U.S. auto market may hurt GM and Ford, which already have been losing sales at home to Asian companies led by Toyota. The Japanese automaker outsold GM worldwide in this year’s first half and is poised to pass Ford as No. 2 in the U.S.

Detroit-based GM sold 9.4% fewer cars and light trucks this year through July than a year earlier, while Toyota’s sales rose 6.1% and Ford’s declined 12%. The industrywide total through last month fell 3.2%.

Ford, in a regulatory filing Tuesday, lowered its U.S. industrywide sales forecast to 16.5 million to 16.8 million. Dearborn, Mich.-based Ford previously had estimated 16.8 million.

Ford Chief Executive Alan Mulally said Wednesday that his company’s revised outlook reflected concern that sales might be pinched by the U.S. housing market and tightening credit.

Ford had a record loss of $12.6 billion last year.