Ford Motors see a huge drop in sales for July 2018
Updated September 18, 2018
Ford Motor Co. published its July 2018 sales figures showing a 3.1% drop in overall sales. It was worse than what the market was expecting and more than half of what analyst Edmunds had estimated.
Due to low gas price, improving economy and the change in the customers’ demands, Ford truck sales continued to remain strong for the second quarter of 2018.
The automaker’s quarterly GAAP net income fell by 48% from the same time last year, while the second quarter 2018 revenue fell by 2.4% to $38.9 billion.
Over 194,000 vehicles were sold by Ford in July 2018, a 3.1% drop since the same time last year. The auto industry saw an overall decline in demand after healthy sales volume at the start of the year.
50% of the new vehicle sales for the automaker were SUVs and the company heavily relies on the sales of its F-150 truck.
Ford is not the only automaker that has seen a decrease in sale. Honda, Hyundai, Toyota, and Nissan have also seen a decrease in sales in the month of July. Fiat is one of the few companies that has gained by 5.9% this month.
Categories: Automotive News