US auto sales fall in July
The overall pace of the US car and light truck sales fell for the fifth straight month in July 2017, reports Reuters. Carmakers slashed low-margin sales to daily rental fleets in July.
The annualised pace of US car and light truck sales in July fell to 16.73 million vehicles, down from 17.8 million vehicles a year earlier, according to Autodata Corp, which tracks industry sales, Reuters said.
Owing to this Investors sold shares in General Motors and Ford Motor Company.
Several major automakers, including GM, Ford, Fiat Chrysler Automobiles, Nissan Motor Co and Hyundai Motor Co said they sharply reduced rental car sales in July, and they portrayed the decisions as putting profit ahead of sales volume, the Reuters report said.