Cobalt sales take nosedive

Sales of the Chevrolet Cobalt dropped 34 percent last month.

General Motors Corp. said Wednesday that it sold 15,850 Cobalts in July, compared with 23,961 in the same month last year. For the first seven months of the year, Cobalt sales were down 22 percent at 112,287.

GM has said that it is cutting back on low-profit sales to rental car companies, which is hurting sales figures for the Cobalt and other models.

The Cobalt is produced at GM’s Lordstown complex along with the Pontiac G5. GM sold 2,287 G5s in July, compared with 186 in the same month last when production was just starting.

Auto sales took a dive across the industry in July thanks to high gas prices and reluctant consumers, with General Motors reporting a 22 percent decline and Ford sales down 19 percent, automakers said Wednesday.