Automakers get slammed after reporting a 4th straight month of weak sales (FCAU, GM, F)

pulse

May 2, 2017 3:06 PM

Shares of the Big Three automakers fell in early trading on Tuesday as their sales in April missed analysts' expectations.

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Shares of the Big Three automakers fell on Tuesday as their sales in April missed analysts' expectations.

The results for April back up some analysts' calls that the market has peaked, even as dealers offer aggressive discounts and incentives to prospective buyers. A drop in auto sales this year would mark the first annual decrease since 2009.

Sales rose at an annualized rate of 16.88 million, a fourth straight year-on-year decline, according to Autodata. They were estimated to rise at a rate of 17.10 million, according to Bloomberg.

Ford closed down 4.4%, GM fell 3%, and Fiat Chrysler dropped 4%.

Shares of companies that supply auto parts also came under pressure. Some of the biggest losers included American Axle & Manufacturing, BorgWarner, and Delphi Automotive.

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