Auto sales plunge in U.S.

NEW YORK (CNNMoney.com) - The nation's top automakers reported sharp drops in July sales that were much worse than expected, as high gas prices and a weak economy continued to bite the already battered auto industry. Only Nissan showed an increase.

GM's car and light truck sales plummeted 26 percent in July from a year ago, Ford tumbled 14.9 percent, Toyota's sales were down 12 percent and Honda was down 1.6 percent. Nissan reported an 8 percent gain.
–From CNNMoney.com's Chris Isidore