U.S. Auto Sales Fall in June (F, TM)
Major automakers saw their U.S. sales fall in the month of June, indicating that the nascent recovery in auto sales may be coming to a halt.
The drop in auto sales in June does not come as a surprise since consumers are still worried about the high unemployment. The U.S. Labor Department today reported that new claims for jobless benefits increased last week. The Labor Department report does not augur well for automakers, which may face some tough few months ahead.
From May to June, sales of new cars and trucks for major automakers such as Toyota Motor Company (ADR) (NYSE: TM), Ford Motor Company (NYSE: F), General Motors Co. and Chrysler Group LLC dropped 12%-14%. Automakers are, however, still positive and expect a gradual recovery in the last half of the year.
Ford Motor Company reported a 15% year-over-year increase in overall sales for June. Sales of the company’s popular F-Series pickup dropped 7% from May to June. Shares of Ford Motor Company had climbed in Wednesday’s trading on news that the company will reduce its debt levels further. The stock is up again today, rising 4.27% to $10.51.
Chrysler Group LLC, meanwhile, announced that all four of its brands saw an increase from June 2009. However, sales dropped 12% from May to June.
Hyundai Motor Corp. was the only major automaker to report an increase in sales from May to June. The company reported an increase of 4% in sales from May to June.
Toyota Motor Company, which has been through a lot of problems due to the Vehicle Recall issue this year, reported a 14% drop in sales from May to June. However, on a year-over-year basis, the company reported an increase of 7% in June U.S. auto sales. Toyota ADRs were up 0.29% to $68.77 in mid-day trading today.
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