Automakers are getting slammed after reporting weak sales
Scott Olson / Getty Images
A drop in auto sales this year would mark the first annual decrease since 2009. The results for April back up some analysts' call that the market has peaked, even as dealers offer aggressive discounts and incentives to prospective buyers.
At 9:44 a.m. ET, Ford is down 3.6% to $11.01 a share, GM is off 2.5% to $35, and Fiat Chrysler is down 3.5% to $11.01.
Ford reported a 7.1% decline in sales, GM reported a 5.8% drop, while Fiat Chrysler said sales fell 7%, all worse than forecast.
Analysts estimate that auto sales fell year-on-year for a fourth straight month in April. They estimate a seasonally adjusted annual rate of 17.10 million, which would be improved from the 16.53 million pace seen in March.
Get the latest Ford stock price here.
- Welcome to the white-collar recession
- Singapore Airlines was ordered to pay a couple compensation for 'mental agony' after they complained their business-class seats didn't automatically recline
- A 101-year-old woman keeps getting mistaken for a baby on flights and says it's because American Airlines' booking system can't handle her age
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- Assassin’s Creed Mirage on iPhone 15: Killer game to debut on Pro and iPad on June 6
- 5 worst cooking oils for your health
- From fiber to protein: 10 health benefits of including lentils in your diet