By Poornima Gupta DETROIT, Aug 1 (Reuters) - U.S. auto sales plunged to a 16-year-low in July, led by a 27 percent drop at General Motors Corp , as high gas prices and tight credit sent the industry into a tailspin. The sales decline was steeper than analysts had expected and showed an accelerating downturn in the world's largest vehicle market as Americans abandoned the SUVs and trucks they had favored for more than a decade. July sales marked the ninth straight month of declining ...
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