GM, Ford and Chrysler Miss July Auto Sales Forecasts

Overseas car makers post year-over-year U.S. sales increases

   

Auto sales slipped during July, down from a more rapid pace earlier in the year. The three leading U.S. car makers reported sales for the month that missed analysts’ estimates, while overseas car makers reported rising U.S. sales compared to last year.

General Motors (NYSE:GM) posted sales of 201,237 vehicles in the U.S. during July. That was down 6% from last year. It also fell short of analysts who had predicted GM to sell 214,315 vehicles during the month, Reuters noted.

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Ford (NYSE:F) said it sold 173,966 cars and trucks last month, down 4% compared to last year. Analysts had been looking for Ford to sell 175,791 vehicles sold last month.

Chrysler, on the other hand, reported sales of 126,089 vehicles, up 13% over 2011. But that missed the 129,453 vehicles that analysts expected Chrysler to sell in July. Chrysler, which was rescued by the U.S. government during the economic crisis is now majority-owned by Italy’s Fiat (PINK:FIATY).

Toyota (NYSE:TM) recorded sales of 164,898 vehicles for the month, up 13% from last year.

Nissan (PINK:NSANY) said it sold 98,341 vehicles in the U.S. last month, up 16.2% from 2011.

Volkswagen (PINK:VLKAY) reported sales of 37,014 vehicles, a 27.3% improvement over last year.

JPMorgan Chase (NYSE:JPM) estimated the annual sales pace for July at 14 million vehicles, down slightly from an annual pace of 14.1 million vehicles in June. July’s pace matched economists’ forecasts.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/gm-ford-and-chrysler-miss-july-auto-sales-forecasts/.

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