US auto sales fall more than expected
Five top automakers missed US sales estimates, as the industry is set for its fourth-straight month of shrinking sales
The US auto industry’s woes continued, with five of the country’s top car makers reporting steeper than expected drops in sales, reports Bloomberg.
Declines for Ford, Fiat Chrysler, General Motors and Toyota were all larger than analyst estimates, while Nissan Motors reported an unexpected drop.
Higher auto prices are compounding the impact of rising interest rates, which have made car loans less attractive for consumers.
“Inventory buildup is a top concern of automakers and all eyes are on whether cuts in production are enough to offset expected dips in sales,” noted Jessica Caldwell, executive director of industry analysis for car-shopping website Edmunds.com.