Ford says U.S. sales fell nearly 28% in June - WDRB 41 Louisville News

Ford says U.S. sales fell nearly 28% in June

Ford Motor Co.'s U.S. sales tumbled 27.9% in June as high gas prices and a weak economy continued to cause trouble for Ford and the rest of the auto industry.

Ford was the first automaker to report sales data Tuesday.

Analysts had predicted June auto sales could drop by double-digits to their lowest monthly rate in 16 years. Ford sales sank to a new 52-week low, while rival General Motors Corp. shares are trading near their lowest level in more than a half century.

Dearborn-based Ford blamed the latest sales decline on high gas prices and low consumer confidence, which sent buyers to the sidelines. It reported steep drops in June sales of pickup trucks and sport utility vehicles, including a 41% year-over-year decline for the F-Series pickup, a perennial best-seller, and a 52% drop for the Ford Explorer SUV.

For the first half of the year, Ford's sales were down 14% compared with the period a year ago.

Ford said sales of its smallest car, the Ford Focus, rose 28% in the first six months of the year, although Focus sales fell in June. The automaker said last month it plans to increase production of the Focus as well as the Mercury Mariner and Ford Escape small SUVs.

Ford shares tumbled 35 cents, or 7.3%, to $4.46 in midday trading after sinking to a 52-week low of $4.41 earlier in the session. They have traded as high as $9.64 over the past year.

Powered by Frankly
All content © Copyright 2000 - 2018 WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.