Ford, Chrysler, Toyota and Nissan all reported drops in US sales for June. But Ford beat expectations and is gaining market share from its Detroit rivals and Toyota. It also boosted production target for the third-quarter.
In short, there seem to be some incremental signs of auto-industry improvement.
- Ford Motor Co: sales down 10.7%. Market share up 3%
- Chrysler Group: sales down 42%. Market share up 1%
- Toyota Motor Corp: sales down 32%.
- Nissan Motor Co: sales down 23%.
Here’s the full report fromTom Krisher, the Associated Press’s Auto Writer*:
Ford Motor Co. on Wednesday called its 10.7 per cent drop in U.S. June sales “steady progress,” after a year of sharp declines across the industry.
The monthly decline was Ford’s smallest since July of last year, a sign that U.S. auto sales may be recovering from the worst slump in 27 years.
The Dearborn, Mich., automaker says it sold 154,873 cars and light trucks last month, ending a 10-month string of sales drops of more than 20 per cent compared with the same month the previous year.
“We’re making steady progress,” Jim Farley, the company’s group vice president of marketing, said in a statement. “We remain grounded, however, given challenging industry and economic conditions.”
The surprisingly low decline came after a string of months in which Ford and other automakers reported year-over-year drops of more than 40 per cent. Ford’s sales were down 24 per cent in May and off 37 per cent for the first five months of the year.
But the company, which was the first to report June sales on Wednesday, has seen its market share grow while rivals Chrysler Group LLC and General Motors Corp. struggle with financial problems.
In anticipation of increased traffic at dealers and higher sales later in the year, Ford announced Monday that it would boost its third-quarter production by 25,000 vehicles.
Ford is the only U.S. automaker to steer clear of bankruptcy protection and it’s the only one not receiving government loans to keep from running out of money. GM and Chrysler are receiving billions in loans, with Chrysler emerging recently from bankruptcy protection and GM inching its way closer to escaping Chapter 11.
* Clusterstock has a licence to print AP stories.
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