Tuesday, May 2, 2017

Automakers are getting slammed after reporting weak sales (FCAU, GM, F)

Automakers are getting slammed after reporting weak sales (FCAU, GM, F)
By Akin Oyedele

ford car dealership salesmanScott Olson / Getty Images

Shares of the Big Three automakers fell in early trading on Tuesday as their sales in April missed analysts' expectations.

A drop in auto sales this year would mark the first annual decrease since 2009. The results for April back up some analysts' calls 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. 

Screen Shot 2017 05 02 at 9.52.59 AMMarkets Insider

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May 2, 2017 at 09:58AM
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