Ford, GM, and Fiat Chrysler See Big Drop in July Vehicle Sales

Geronimo Vena
Agosto 2, 2017

Sales of the Lincoln brand fell by 2.5% year over year in July as sales of Lincoln cars rose 2.6%, primarily on sales strength for the all-new Lincoln Continental.

Fiat Chrysler posted a 3 percent drop in monthly sales in Canada, as its Dodge and Chrysler brands weighed on sales.

Ford-brand SUVs also did well, with sales up 2.9% from a year ago.

Net income in the quarter fell 2.8% to $276 million from $284 million and diluted earnings per share were flat at or 48 cents in the same quarter previous year. Sales of the F-Series family rose 5.8% from a year ago.

Big rental auto businesses in the USA like Avis Budget and Hertz are also restructuring their own fleets as their values drop for the rental vehicles they resell, and as ride-hailing services like Uber take a bite of their business. July likely marked the seventh straight month of declines in a peaking market.

USA sales of new cars and trucks fell 7 percent to 1.4 million in July, according to Autodata Corp.

Ford's fleet sales - the sales of vehicles to rental auto firms, corporations, government agencies, and utility companies - were down 26.4% in the second quarter of 2017. The firm's U.S. sales are down 2.5% for the year so far.

Among the top Japanese companies, only Toyota Motor Corp reported a year-to-year gain, with sales up 4 percent. According to Kelley Blue Book, analysts were expecting GM\'s July new vehicle sales would come in at 243,000, so the actual results missed this forecast by 9.1%.

Ford's US sales chief, Mark LaNeve, said in a conference call on Tuesday that dealer preorders for the all-new Expedition have been strong, with about half of the preorders being placed for Expeditions in the highest trim level, Platinum.

- Honda Motor Co.'s sales slid 1.2 percent to 150,980.

Mustang sales were down 35.1%, but again, there's a story: Dealers are selling down stocks in anticipation of a revamped 2018 model, set to begin arriving soon.

- Nissan Motor Co.'s sales fell 3.2 percent to 128,295.

- Hyundai's sales dropped 27.9 percent to 54,063.

- Volkswagen brand sales fell 5.8 percent to 27,091 as dealers sold off older Tiguan SUVs and started getting 2018 models on their lots.

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