Auto sales plunge in U.S.

NEW YORK (CNNMoney.com) - Ford Motor and Toyota Motor both reported sharp drops in July sales as high gas prices and a weak economy continue to bite the already battered auto industry.

U.S. sales for Ford tumbled 14.9 percent in July. Sales tracker Edmunds.com was forecasting just a 7.4 percent drop.

Toyota's sales were down 12 percent from a year earlier, far worse than the 3.3 percent decline forecast by Edmunds.
–From CNNMoney.com's Chris Isidore