Not enough lip stick for this pig. GM’s (GM) June sales dropped 21%. The company has no excuses, since its sales of low margin vehicle to rental car fleets were down 22%. Total units were off almost 90,000 for the month compared to June last year down to 320,668.
Ford’s (F) sales were down slightly to 246,415, but it cut rental car sales by 29%, so its numbers were actually encouraging.
Toyota’s (TM) sales rose 13% to 245,739, but the frightening number for Detroit is that sales of its full-size pick-up, the Tundra, doubled to almost 22,000. The product is aimed at the heart of GM and Ford’s highly profitable light truck businesses.
GM simply got beaten like a red-headed mule. It can’t take many more months like this.
Douglas A. McIntyre
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