U.S. Auto Sales Fall to 27-Year Low

February U.S. automobile sales fell to the lowest rate in more than 27 years, led by a 53% plunge for General Motors Corp., Bloomberg reported.

Cars and light trucks sold at 9.1 million annual pace last month, down from 15.4 million a year earlier, Bloomberg said, citing Autodata Corp. Total deliveries tumbled 41% to 688,909.

The levels may make it more challenging for GM and Chrysler LLC to become profitable and pay back more than $17 billion in U.S. government loans, Bloomberg reported.

The Obama administration may approve as much as $21.6 billion more aid for the two companies and support for the thousands of companies that supply automakers with parts, Bloomberg said.

Sales fell 48% for Ford Motor Co., 44% for Chrysler, 40% for Toyota Motor Corp., 38% for Honda Motor Co. and 37% for Nissan Motor Co.

GM said it plans to build 34% fewer vehicles in North America next quarter, while Ford announced a 38% reduction from a year earlier, Bloomberg reported.