Car sales seen lower in July; US automakers post sharp drops
DETROIT (AP) — U.S. sales of new cars and trucks were expected to show a decline in July as consumers pulled back on purchases and waited for Labor Day deals.
July likely marked the seventh straight month of declines in a peaking market. After an unprecedented seven years of growth, analysts are predicting lower U.S. sales this year.
General Motors said its sales fell 15 percent in July, while Ford’s sales were down 7.5 percent. Fiat Chrysler’s sales were down 10 percent.
Automakers are still seeing healthy profits thanks to consumers’ preference for SUVs. Car-shopping site Edmunds.com said the average price paid for a new vehicle in July was $34,558, 2% higher than the same month a year ago.
GM said sales of its recently updated GMC Acadia SUV jumped 30 percent.