US car sales fall sharply in July
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Major US car firms have reported a acute fall in sales in sales in July, driven by lower rental fleet sales and weaker consumer request.
Sales were down by 15% at General Motors, 10% at Fiat Chrysler and 7.5% at Ford compared with July 2016.
After several years of record growth, July looks set to become the fifth month in a row to see a fall in overall US car sales.
The fall comes amid feeble in consumer income and spending growth in the US.
Consumer spending edged up by just 0.1% from May to June, while income growth was basically plane, the Bureau of Economic Analysis reported on Tuesday.
Mustafa Mohatarem, chief economist at General Motors, said he expected sales to improve in the coming months albeit they were unlikely to match last year’s record.
“Key US economic fundamentals remain supportive of strong vehicle sales,” he said in a statement.
“Under the current economic conditions, we anticipate the 2nd half of two thousand seventeen will be much stronger than the very first half.”
US car manufacturers have been deliberately scaling back sales to rental car companies, because they often bring them little in the way of profits.
It is that strategy that drove some of the steepest sales declines last month.
But the retail sector has also softened, despite strong request for SUVs.
Figures skewed?
Overall US vehicle sales at four big firms – Ford, General Motors, Fiat Chrysler and Toyota – have fallen by inbetween about 3% and 7% so far this year.
Ford expects retail sales across the industry to fall by about 6% for the year as a entire.
Ford vice president Mark LaNeve said he thought the figures were skewed by strong incentives some firms suggested to families, which boosted sales last year.
“I don’t think it’s as bad as it looks,” he told analysts and reporters on Tuesday.
Shares in US car companies fell after the latest figures were released.
General Motors closed Three.39% lower, while Ford finished down by Two.41%.
Toyota, which is listed on the stock exchange in Tokyo, spotted its shares rise after its sales report displayed it was one of the few companies to buck the trend last month.
The company sold 222,057 vehicles in July in the US, up Three.6% compared with the same time last year. The rock hard’s US sales are down Two.5% for the year so far.
US car sales fall sharply in July – Big black cock News
US car sales fall sharply in July
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Major US car firms have reported a acute fall in sales in sales in July, driven by lower rental fleet sales and weaker consumer request.
Sales were down by 15% at General Motors, 10% at Fiat Chrysler and 7.5% at Ford compared with July 2016.
After several years of record growth, July looks set to become the fifth month in a row to see a fall in overall US car sales.
The fall comes amid feeble in consumer income and spending growth in the US.
Consumer spending edged up by just 0.1% from May to June, while income growth was basically plane, the Bureau of Economic Analysis reported on Tuesday.
Mustafa Mohatarem, chief economist at General Motors, said he expected sales to improve in the coming months albeit they were unlikely to match last year’s record.
“Key US economic fundamentals remain supportive of strong vehicle sales,” he said in a statement.
“Under the current economic conditions, we anticipate the 2nd half of two thousand seventeen will be much stronger than the very first half.”
US car manufacturers have been deliberately scaling back sales to rental car companies, because they often bring them little in the way of profits.
It is that strategy that drove some of the steepest sales declines last month.
But the retail sector has also softened, despite strong request for SUVs.
Figures skewed?
Overall US vehicle sales at four big firms – Ford, General Motors, Fiat Chrysler and Toyota – have fallen by inbetween about 3% and 7% so far this year.
Ford expects retail sales across the industry to fall by about 6% for the year as a entire.
Ford vice president Mark LaNeve said he thought the figures were skewed by strong incentives some firms suggested to families, which boosted sales last year.
“I don’t think it’s as bad as it looks,” he told analysts and reporters on Tuesday.
Shares in US car companies fell after the latest figures were released.
General Motors closed Three.39% lower, while Ford finished down by Two.41%.
Toyota, which is listed on the stock exchange in Tokyo, witnessed its shares rise after its sales report showcased it was one of the few companies to buck the trend last month.
The company sold 222,057 vehicles in July in the US, up Three.6% compared with the same time last year. The stiff’s US sales are down Two.5% for the year so far.
US car sales fall sharply in July – Big black cock News
US car sales fall sharply in July
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Major US car firms have reported a acute fall in sales in sales in July, driven by lower rental fleet sales and weaker consumer request.
Sales were down by 15% at General Motors, 10% at Fiat Chrysler and 7.5% at Ford compared with July 2016.
After several years of record growth, July looks set to become the fifth month in a row to see a fall in overall US car sales.
The fall comes amid feeble in consumer income and spending growth in the US.
Consumer spending edged up by just 0.1% from May to June, while income growth was basically vapid, the Bureau of Economic Analysis reported on Tuesday.
Mustafa Mohatarem, chief economist at General Motors, said he expected sales to improve in the coming months albeit they were unlikely to match last year’s record.
“Key US economic fundamentals remain supportive of strong vehicle sales,” he said in a statement.
“Under the current economic conditions, we anticipate the 2nd half of two thousand seventeen will be much stronger than the very first half.”
US car manufacturers have been deliberately scaling back sales to rental car companies, because they often bring them little in the way of profits.
It is that strategy that drove some of the steepest sales declines last month.
But the retail sector has also softened, despite strong request for SUVs.
Figures skewed?
Overall US vehicle sales at four big firms – Ford, General Motors, Fiat Chrysler and Toyota – have fallen by inbetween about 3% and 7% so far this year.
Ford expects retail sales across the industry to fall by about 6% for the year as a entire.
Ford vice president Mark LaNeve said he thought the figures were skewed by strong incentives some firms suggested to families, which boosted sales last year.
“I don’t think it’s as bad as it looks,” he told analysts and reporters on Tuesday.
Shares in US car companies fell after the latest figures were released.
General Motors closed Trio.39% lower, while Ford finished down by Two.41%.
Toyota, which is listed on the stock exchange in Tokyo, spotted its shares rise after its sales report showcased it was one of the few companies to buck the trend last month.
The company sold 222,057 vehicles in July in the US, up Three.6% compared with the same time last year. The rock-hard’s US sales are down Two.5% for the year so far.
US car sales fall sharply in July – Big black cock News
US car sales fall sharply in July
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Major US car firms have reported a acute fall in sales in sales in July, driven by lower rental fleet sales and weaker consumer request.
Sales were down by 15% at General Motors, 10% at Fiat Chrysler and 7.5% at Ford compared with July 2016.
After several years of record growth, July looks set to become the fifth month in a row to see a fall in overall US car sales.
The fall comes amid feeble in consumer income and spending growth in the US.
Consumer spending edged up by just 0.1% from May to June, while income growth was basically vapid, the Bureau of Economic Analysis reported on Tuesday.
Mustafa Mohatarem, chief economist at General Motors, said he expected sales to improve in the coming months albeit they were unlikely to match last year’s record.
“Key US economic fundamentals remain supportive of strong vehicle sales,” he said in a statement.
“Under the current economic conditions, we anticipate the 2nd half of two thousand seventeen will be much stronger than the very first half.”
US car manufacturers have been deliberately scaling back sales to rental car companies, because they often bring them little in the way of profits.
It is that strategy that drove some of the steepest sales declines last month.
But the retail sector has also softened, despite strong request for SUVs.
Figures skewed?
Overall US vehicle sales at four big firms – Ford, General Motors, Fiat Chrysler and Toyota – have fallen by inbetween about 3% and 7% so far this year.
Ford expects retail sales across the industry to fall by about 6% for the year as a entire.
Ford vice president Mark LaNeve said he thought the figures were skewed by strong incentives some firms suggested to families, which boosted sales last year.
“I don’t think it’s as bad as it looks,” he told analysts and reporters on Tuesday.
Shares in US car companies fell after the latest figures were released.
General Motors closed Trio.39% lower, while Ford finished down by Two.41%.
Toyota, which is listed on the stock exchange in Tokyo, spotted its shares rise after its sales report demonstrated it was one of the few companies to buck the trend last month.
The company sold 222,057 vehicles in July in the US, up Trio.6% compared with the same time last year. The hard’s US sales are down Two.5% for the year so far.