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July Car Sales Better Than Expected, Except At GM (GM)
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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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