A 1955 Chrysler 300
Auto sales slowed in July.
Auto sales in July came in at an annualized rate of 16.5 million vehicles.
This was below expectations for 16.8 million, and also down from a 16.8 million pace in June and 16.7 million in May, according to Michael Gapen at Barclays.
Gapen noted that while the pace of sales slowed, it was still in-line with the second quarter average of 16.5 million, and Barclays kept its Q3 real GDP and consumption estimates unchanged at 2.5%.
Chrysler sales increased by 20% year-over-year in July. But, it was a bit lighter than the 22.5% jump expected.
Also disappointing was GM. Sales climbed 9.4%, but fell short of expectations for an 11.0% gain.
Ford, however, said its U.S. auto sales grew by 9.5% in July, beating expectations for 9.2% growth.
Here's the tally from some of the major auto manufacturers:
- Chrysler: +20% (Est. 22.5%)
- Ford: +9.5% (Est. 9.2%)
- GM: +9.4% (Est. 11.0%)
- Toyota: +11.6% (Est. 10.6%)
- Nissan: +11.4% (Est. 14.0%)
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