Authored by Mike Shedlock via MishTalk.com,
As initially reported by the Census Department, motor vehicle sales were up 1.2% in July following a 0.9% gain in June. At the time, I commented, “This is unbelievably bizarre in the face of actual auto sales reports.”
It was hard to find a bright spot for auto investors in July's auto sales figures released earlier today with GM down 15% YoY, Ford off 7% and Chrysler down 11%.
The companies blamed the drops on lower fleet sales but GM’s retail sales also fell 14.4% from July 2016. Meanwhile, Ford and Fiat Chrysler retail sales had single-digit declines, and their fleet sales fell 26% and 35%, respectively.
Here's a recap of how each of the largest OEM's made out in July:
GM:
A pensioner drove over five miles down the wrong way on the M60 in Manchester before colliding head-on with other cars. The man in his eighties has been hospitalized while police inquiries are ongoing. AOL Travel reports: The pensioner was in a red Ford Fiesta and was spotted heading anti-clockwise in the right hand lane between junctions 3 at Cheadle and 9 at Trafford Park at 6.10pm on Monday 3 May. Two ambulances were sent to the scene after he crashed into two other vehicles. Luckily, nobody was seriously injured in the incident.