Car sales for the month of May came out today and the bottom line is that they’re not quite as horrible as some had expected. At least at the US autoes.
General Motors say a year over year decline of 29.6%, which is utterly horrific in any objective sense, but the estimate was for a collapse of 37.5%. Compare that to a few months ago, when the declines were coming in much steeper, and analyst estimates were way behidn the curve in terms of how bad things were.
Ford (F) which is the last company whose stock can actually trade on the news, only had a decline of 24%, and it says it’s on an annual run-rate of over 10 million units, helped by a nice pickup in the final week of May. The stock is up over 1%.
As for the foreigns, it’s still really, really ugly. Nissan was down 33%. Toyota (TM) was down 39%.