The U.S. auto market appears to be continuing its sales slow-down. In July nearly every major automaker generated fewer sales than last year, with the U.S. Big Three automakers posting sharp declines.
General Motors saw the worst hit last month, with the company reporting 15 percent fewer deliveries than July 2016. Fiat Chrysler Automobiles also saw a double-digit decline of 10 percent, while Ford Motor Company’s sales were off 7.4 percent. All three company’s reports missed analysts projections.
The losses were not isolated to the Big Three, though. Nissan and Volkswagen both reported losses of 3.2 percent and 2.6 percent, respectively. Even Japanese automaker Honda reported a small loss of 1.6 percent. Toyota is the only full-line automaker reporting sales gains for July, which posted a 3.6 percent increase, largely driven by demand for its RAV4 SUV.
After seven years of a post-recession auto sales boom, the market is clearly cooling off. Most analysts predict auto sales will continue to tumble through the second half of the year as peak demand has passed.