Ford and GM slide after reporting weak March sales

Markets Insider

US automakers are sliding on Monday after reporting weaker than expected March sales numbers.

Ford's stock price is down 2.19% at $11.39 and GM's stock price is lower by 3.25% at $34.21 as of 10:05 AM EST.

Ford sold 236,250 vehicles in March, a 7.2% percent decline compared with March 2016. Analysts were expecting sales to fall 5.9%.

There was a bright spot for Ford. Trucks and SUVs were a strong point for Ford. The Dearborn, Michigan-based manufacturer sold 81,330 F-Series pickups, up 10% from March 2016.

Meanwhile, GM sales rose 1.6% year-over-year in March, missing the expected 7% gain by a mile. Silverado sales declined 11.6%.

Elsewhere, Tesla reported record deliveries in the first quarter and overtook Ford in market cap for the first time.

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