Bitcoin sets a new all-time high above $6,000 >>> READ MORE

July Car Sales Rise, But Mostly Miss Estimates

GM and Ford reported strong sales of trucks and pickups


Auto Cars DealershipAutomakers reported another month of increased vehicle sales in July, though most fell short of analysts’ expectations.

Based on preliminary sales reports, a RBC Capital Markets analyst estimated July auto sales at an annualized pace of 15.4 million vehicles. That would be well below the annualized sales pace of 15.8 million vehicles Wall Street had previously forecast, Reuters noted.

Auto Stock Showdown: Ford vs. GM
Auto Stock Showdown: Ford vs. GM

General Motors (GM) announced that it sold 234,071 vehicles in June, a 16% increase over the same time last year. That missed the 243,143 vehicle sales that analysts had anticipated.

The largest U.S. automaker said that sales of its full-size pickup trucks rose strongly last month, with sales of its GMC Sierra and Chevrolet Silverado trucks rising a combined 46%. Sales of Buick-branded vehicles rose 14%, while Chevrolet and Cadillac sales both climbed 17%.

Ford (F) reported U.S. sales of 193,715 vehicles during the month, an 11% gain over last year. However, that disappointed analysts, who had forecast sales of 200,000 Ford vehicles during the month. The company said that sales of its updated Fusion sedan and Escape crossover were lower than expected due to limited vehicle inventories.

The third largest U.S. automaker, Chrysler, which is now owned by Italy’s Fiat (FIATY) said that its sales last month rose 11% compared to the same period last year, USA TODAY notes. The company said that it sold 140,102 vehicles during the month. Sales of its Ram truck line surged 31%. Jeep, Dodge and Fiat brand sales also posted solid gains in July. The numbers marked the Chrysler’s highest July sales in seven year.

Japanese carmaker Nissan (NSANY) said that it sold 109,000 vehicles in the U.S. during July, up 11% from last year, on strong sales of its updated Altima midsize model, the Associated Press noted.

By contrast, Germany’s Volkswagen (VLKAY) reported that its U.S. sales dipped in July, falling 3.3% on waning sales of its Jetta compact.

Shares of GM and Ford both rose more than 1% in Thursday morning trading, while Nissan shares surged more than 2% and Fiat and Volkswagen rose modestly in over-the-counter trading.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC