Courtesy of Mish.
Auto sales are down for the fourth consecutive month. Final numbers are not yet in, but the preliminary year-over-year totals are miserable.
Nearly every company performed worse than expected, and expectations were down across the board.
Boom Over
Reuters reports Automakers’ April U.S. Sales Drop; Wall St. Fears Boom is Over.
- GM, the No. 1 U.S. automaker, reported a 6% decline in April sales to 244,406 vehicles.
- Ford, the No. 2 U.S. automaker, reported a 7.2% decline in April. Ford car sales dropped 21% and trucks declined 4.2%, while SUV sales rose 1.2%.
- Toyota reported a drop of 4.4%. Lexus sales slid 11.1%. U.S. car sales at the Japanese automaker were down 10.4%, while truck sales were up 2.1%.
- Fiat-Chrysler reported sales were off 7%
“GM said its consumer discounts were equivalent to 11.7 percent of the transaction price. The automaker also said its inventory level rose to 100 days of supply at the end of April versus around 70 days at the end of 2016. Recent levels have worried analysts, and GM has promised inventories will be down by the end of 2017.”
Missed Estimates
Bloomberg reports Auto Sales Fall for Fourth Straight Month
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