We knew that when automakers will reveal their April car sales the results will be disappointing, but we had no idea the sales will be this low. The auto industry might be receding from its breakneck pace, which means the chances of getting a third consecutive year with positive results are not so high.
Overall, the industry reported a 4.7% sales decline to 1.43 million units. General Motors, Ford, Fiat Chrysler and Nissan each reported deeper-than-expected sales declines for the month. Toyota narrowly edged expectations, but it still recorded a 4.4% decline for the month, compared to a year earlier. Slumping sales of new car took a heavy toll -- and even increase discounts couldn't bail them out. The worse-than-expected performance could in fact point to a slowing auto market.
GM, Ford and Fiat Chrysler vehicle sales fell 5.9%, 7.1% and 6.9%, respectively, Nissan was down 1.5%. GM's stock fell 2.9% to $33.20 on Tuesday, Ford Motor was down 4.4% to $10.92 and Fiat Chrysler shares reversed 4.3% to also hit $10.92. The industry's pace of sales was slower than expected throughout the month.
