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Toyota's (TM) share of the U.S. light vehicle market is 18% and Honda's (HMC) is 10%. GM's (GM) share of its home market is about 22%. Fifty-five years ago, the No.1 U.S. car company had 54% of the U.S. market. By this time next year, GM's piece of the American car pie could drop another 50%, bringing it closer to Honda's.
It seems improbable that GM could lose that many customers so fast. But, Rick Wagoner, recently departed CEO of the company told Congress last December that consumers won't buy vehicles from a bankrupt company. Some of the people at the hearings figured Wagoner was bluffing, trying to convince Washington that a Chapter 11 filing would bring an end to the firm's ability to market its products because customers could turn to cars made by competitors which were in reasonably good financial shape. But, most research done recently indicates that Wagoner was probably right, at least right enough that GM's sales could be clobbered by consumers who believe that their warranties will be worthless and that their dealers will disappear. (See the 50 worst cars of all time.)
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