Carmageddon: Ford & GM Sales Tank Despite Record July Incentive Spending
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: