Poor Ford (F) and General Motors (GM). They make most of their money selling trucks and SUVs that people don’t want to buy anymore. Not that they didn’t have three decades to prepare for a spike in oil prices or anything. Bloomberg:
Ford Motor Co., the second-biggest U.S. car company, said its automotive losses will widen this year as demand for large pickup trucks plummets.
Ford Motor Credit, the company’s most consistently profitable unit, will also have a loss, Ford said in a statement today. The Dearborn, Michigan-based automaker further pared its estimate of U.S. industrywide sales and delayed this year’s introduction of a redesigned F-150 pickup by two months so it can clear out existing inventory….
F-Series sales have dropped 19 per cent this year, including a 31 per cent plunge last month. The truck had outsold every car on the market monthly since 1992 until May, when it was overtaken by four cars made by Honda Motor Co. and Toyota Motor Corp.…
Demand for pickups and sport-utility vehicles is “at one of the lowest levels in decades,” Chief Executive Officer Alan Mulally said in the statement.
For Ford and GM no news is good news. Unfortunately, they keep giving us news.
American Gas Use Finally Dropping as Fuel Costs Near 1981 Levels (XOM, GM, F)
Ford’s (F) May Sales Collapse, Toyota (TM) Sees Minor Decline (F, TM, HMC, GM)
Pathetic Ford (F) Unloads Jaguar, Land Rover At Huge Loss (F)