Top U.S. automakers reported a fall in their third-quarter sales on Tuesday, hurt by fewer selling days and weaker consumer spending amid inflationary challenges and higher interest rates.
Overall, U.S. new vehicle sales in September stood at around 1.17 million units, which represents a reasonably adjusted annual rate of 15.77 million units, according to data released by Wards Intelligence.
General Motors reported a 2.2% fall in quarterly sales, as demand weakened for some of its big pickup trucks such as its best-selling Silverado.
Toyota reported an 8% fall in sales, but said it had built extra inventory of vehicles and parts ahead of the U.S. port strikes, which began yesterday, to minimize disruption.
Chrysler-parent Stellantis reported a 19.8% decline. On Monday, the company cut its 2024 profit forecast and warned it would burn more cash than expected due to weak global demand and competition from Chinese rivals offering cheaper cars.
Kia reported a near 7% decline.
On the upside, Hyundai posted a 5% rise in quarterly sales, aided by sales of hybrid variants of crossovers such as its Tucson and Santa Fe.
Ford is expected to post weaker sales growth when it reports third-quarter sales later in the day Wednesday, according to data from Cox Automotive.
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