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%)
