Amid a seemingly endless stream of bad news, there may be a glimmer of hope for the American auto industry. According to an article in this morning's USA Today, Iraq's recent increase in stability has translated into a new and thriving auto market, and the car of choice is the SUV. For prosperous Iraqis, Hummers, Jeeps, and GMCs might just be the new status symbol.
In many ways, this couldn't come at a better time. Last summer, SUV sales tanked, with Ford (F) sales falling by 53.0%, and Hummers dropping by 50.9% over the previous year. Although falling gas prices have caused a recent bump in demand, SUV sales are still hurting.