Ford Motor Company (NYSE:F) has reported that the July sales in US fell compared to the same month and time last year. The results for the Fiat Chrysler Automobiles NV (NYSE:FCAU) were weaker, and the same results also applied to Nissan. This is evident that the automobile demand in the US might be falling or plateauing in some one way or another.
It is imperative to note that this came in the wake of 5 weekends that more often boost auto sales in the market. Based on theavailable reports the auto stocks sold off sharply, and as such it indicates bullish reaction.
An Overview Of Ford Statement
Ford said that its sales fell by 3% to a total of 216,479 units, of which worst than what was projected before as 0.5% decline is. However, the fleet sales increased by an average of 6%, when its main rival General Motors Company (NYSE:GM) was just exiting the market. Nevertheless, the companies retail sales went down by 6% compared to the previous month. Even so, the truck sales increased F-series pick-upstopping the list with a total of 87,104 vehicles.
In entirety, the average Ford sales prices increased by an average of $1,600. In a statement issued by Ford’s Vice President of US sales, Mark LaNeve, the company confirmed that pick-ups and tracks still remain Fords strength.
Ford expect domestic unit sales in the range of 17.4 million to 17.9 million, of which is below the 2015 that stood at 17.8 million. In fact, it projects that the domestic sales will still go down in 2017. The company also warned that the existence of global economic uncertainty that is consistently hindering business investment.
In fact, this is the weakest in 5 quarters. Ford hopes that it will continue performing well in trucks and pick-ups to leverage on the low sales.