US automotive industry continues to slide
Ford and Fiat Chrysler sales fell more than expected in July as tempered spending on vehicles drags on US economic growth
Michigan — Ford Motor and Fiat Chrysler Automobiles’s US light vehicle sales fell more than analysts estimated in July as industry-wide demand continues to slide from last year’s record results. Ford’s light-vehicle sales declined 7.4% and Fiat Chrysler’s dropped 10%, both bigger decreases than analysts projected in a Bloomberg News survey. All major automotive makers were expected to report slumping deliveries as both regular consumers and rental companies cut back on car purchases. After seven years of US vehicle sales growth, this year’s persistent slump — and anxiety over upheavals from electrification, autonomy and mobility services — has investors shunning car makers as benchmark stock indices graze record highs. Tempered spending on vehicles and car parts has been a drag on economic growth in five of the last eight quarters, according to the US commerce department. "Auto sales have peaked, they peaked almost six months ago, and they probably don’t drive the consumption that m...
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