Summary of June Sales for Ford, Chrysler & Toyota (Reuters Commentary)
Ford, Chrysler June auto sales down, Toyota surgesMon Jul 3, 2006 1:46 PM ET
DETROIT, July 3 (Reuters) -
Ford Motor Co.
and Daimler Chrysler AG on Monday reported lower June sales, citing high gasoline prices and slower sales of trucks and sport utility vehicles, signaling a weak start to the summer season.
Sales for Toyota Motor Corp. <7203.t>, which has eclipsed DaimlerChrysler to become the third-largest player in the U.S. auto market, shot up 14 percent. Toyota has taken larger share of the contracting U.S. market as consumers have been drawn to its vehicle line-up, which trails only Honda Motor Co. <7267.t> in average fuel economy. "Fuel efficient products continue to drive the market, even as consumers are likely becoming acclimated to today's fuel prices," said Toyota Motor Sales Executive Vice President Jim Lentz.
The Detroit-based automakers, meanwhile, have seen their market share erode as American consumers pull away from trucks and SUVs -- a segment they dominate.
General Motors Corp. is expected to report a sharp decline in June sales on Monday afternoon, largely because of comparison to an unusually strong performance last year when the automaker rolled out an employee pricing offer that touched off a summer price war in Detroit.
The expected weak sales numbers come with GM's performance under renewed scrutiny and the board of the world's largest automaker under pressure to consider a three-way alliance with Renault SA and Nissan Motor Co. <7201.t>
Ford's June sales dropped 7 percent, while DaimlerChrysler's sales plunged 13 percent in June.
Both companies were hurt by declines in sales of trucks and SUVs, a category that has been hit hard by higher gas prices and more expensive financing because of higher interest rates.
Sales of Ford's Explorer, the company's best-selling SUV, dropped by 36 percent7/03/2006 02:29:00 PM
SSG Has Merged. You Can Read All Of The Latest SSG Content By Clicking Here
0 Comments:
SSG is not a Financial Advisor. Read Disclosure: HERE
--------------------------------------------------------
