Featured # Markets | 2 years ago

U.S. July Auto Sales Miss Projections as Accumulated Demand Loosens

On Tuesday, four major automakers in the United States market reported July vehicles sales have inched lower than projected as the built-up demand that helped drive sales since 2009 plays itself out. In a continuing trend, consumers avoided passenger cars in favor of SUV’s and pickup trucks. GM and U.S.-traded shares of Fiat Chrysler fell about 4% while Ford declined 3.4%.

Last week, Ford became the first big auto manufacturer to predict an end to advancing annual sales for the last seven years, a forecast that a number of Wall Street analysts had been anticipating for months. Next, analysts’ anticipate that July sales will range from 17.5 million to 18.1 million vehicles. Total sales for the month were viewed as just below 1.5 million to 1.54 million vehicles from a poll from a group of analysts.

Retail sales are more profitable to auto companies than fleet sales to businesses, government agencies and rental firms. Every one of Ford’s four top-selling models fell. Last week, FCA re-iterated its monthly sales going to back to 2011. It is under investigation by the U.S. Justice Department for its sales reporting practices.

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