Published: Thu, August 03, 2017
Markets | By Terence Owen

Ford is falling after a lacklustre sales report

Ford is falling after a lacklustre sales report

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.

General Motors Co (GM) reported a 15.4% decrease in July sales Tuesday morning with its performance weaker than analysts' expectation of a 10.8% decline. After an unprecedented seven years of growth, analysts are predicting lower US sales this year. Ford said total vehicle sales for last month tumbled 7.5% from a year, as a 19.4% plunge in auto sales and a 7.1% slide in truck sales offset a 2.2% rise in SUV sales. The Dearborn, Mich. -based automaker's fleet sales dropped by 26.4 percent to 40,720 units partly because of a Transit recall delivery hold. Toyota, however, was able to sell more, reporting a 3.6 percent sales gain. The projected rate, which is adjusted for seasonal trends, would be down from 17.9 million a year earlier, though it alsowould be the fastest rate since February. Fiat Chrysler has killed several models it once sold to fleets.

Mark LaNeve, Ford Motor Co.'s USA sales chief, said automakers have been preparing for lower sales this year.

With vehicle inventories bloated, profit-eroding discounts might need to rise further in the second half of the year to keep the sector chugging along even at a reduced speed.

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Canada's economy grew by 0.6 percent in May from a month earlier, Statistics Canada said last month, exceeding economists' forecasts for 0.2 percent.

The Ford brand declined 7.7 percent in July, and the Lincoln brand fell 2.5 percent. Car-shopping site said the average price paid for a new vehicle in July was $34,558, 2% higher than the same month a year ago.

Overall Ford sales in the United States dropped by 7.5 percent in July to 200,212 units, mostly because of a decline in fleet sales.

But auto sales are plummeting, hurt by low gas prices and changing tastes.

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