July Car Sales Better Than Expected, Except At GM (GM)
GM’s (GM) poor earnings were matched by its July sales. US light vehicle deliveries dropped 26.1% to 233,340 units from a year ago. Total truck deliveries declining 35.4% to 129,849 units. The company is still rapidly losing its most profitable…
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GM’s (GM) poor earnings were matched by its July sales. US light vehicle deliveries dropped 26.1% to 233,340 units from a year ago. Total truck deliveries declining 35.4% to 129,849 units. The company is still rapidly losing its most profitable business–SUVs and pick-ups.
Ford (F) announced a 14.9% drop in US vehicle sales to 161,530 cars and trucks from 189,920 a year ago. Truck sales fell 22.1% to 99,229 vehicles. The flagship F-Series pick-up continued its steady decline, with sales off 20.6% to 44,829.
Even Toyota did poorly, a sign that the trouble in the domestic market is no longer selective. The large Japanese car company saw sales fall 11.9% to 197,424 units from a year ago. Toyota truck sales fell to 69,325 units from 95,150 a year ago.
In related news, Fitch Ratings downgraded the issuer default rating of Ford and Ford Motor Credit Co. LLC to B- from B.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
