Someone Just Ran Over Ford and Chrysler in July, Clearly
Lower fleet sales weighed on the auto industry in July.
Ford Motor Co (F) - Get Report and Fiat Chrysler (FCAU) - Get Report reported worse-than-expected July sales Tuesday morning.
Ford's sales dipped 7.5% versus an expected 5% decline. Fiat Chrysler's sales dropped 10% versus an expected 7%.
Ford's weaker performance was driven largely by lower fleet sales, which were down 26.4%. Retail sales declined 1%.
Fiat Chrysler reported lower sales as daily rental fleets contributed to its July decline.
Ford stock traded down almost 1.5% before the market open. Fiat Chrysler stock was slightly up.
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