Investing.com - The “Big Three” American automakers were reeling on Tuesday following disappointing readings on July vehicle sales.
Ford Motor Company's (NYSE:F) July sales fell 7.5% with 200,212 vehicles sold. The drop was primarily fueled by reduced fleet sales which plunged 26.4% to 40,720 vehicles as rental and commercial sales declined. July retail results totaled 159,492 vehicles, down 1.0% compared to last year. Ford\'s July vehicle sales missed the Kelley Blue Book compiled analyst forecast by 6.2%
When it comes to General Motors Company (NYSE:GM), overall sales took a bigger hit compared to Ford, falling 15.4% compared to July 2016 to 226,107 vehicles. Retail deliveries fell 14.4% in the month to 202,220 million units, and fleet deliveries dipped 0.9% for the calendar year to account for 18.6% of total calendar year sales. According to Kelley Blue Book, analysts were expecting GM\'s July new vehicle sales would come in at 243,000, so the actual results missed this forecast by 9.1%.
Fiat Chrysler Automobiles NV (NYSE:FCAU) July sales fell 10.5% in July, year-over-year, to 161,477 vehicles.
The July auto sales results were disappointing given the fact that it is usually a good month for automotive sales, but they should be taken in context. The U.S. auto market has been on a winning streak, growing for seven consecutive years with customers returning to dealerships to purchase cars after being sidelined during the Great Recession. 2016 was a record-setting year with 17.5 million vehicles sold, stateside. Analysts expect sales growth will moderate in 2017.