US auto sales fall

Dhaka,  Wed,  20 September 2017
Published : 02 Aug 2017, 10:51:48
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US auto sales fall in July as carmakers slash rental fleet sales

Reuters
US carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as the overall pace of US car and light truck sales fell for the fifth straight month.

The annualised pace of US car and light truck sales in July fell to 16.73 million vehicles, down from 17.8 million vehicles a year earlier, according to Autodata Corp, which tracks industry sales.

Investors sold shares in the Detroit Three automakers on Tuesday. General Motors Co fell about 3.5 per cent and Ford Motor Co slid about 2.5 per cent.

Several major automakers, including GM, Ford, Fiat Chrysler Automobiles, Nissan Motor Co, and Hyundai Motor Co said they sharply reduced rental car sales in July, and they portrayed the decisions as putting profit ahead of sales volume.
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