Ford Sales Slid in June

The automaker says car and truck sales dropped more than 7% last month.
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reported that sales dropped in June, with both cars and trucks showing declines for the month.

Sales of new cars and trucks fell 7.7% last month, to 311,252 from 337,300 in June of last year. Car sales had the steepest decline, dropping 14% to 111,087, while truck sales fell 4% to 200,165.

Analysts had expected a 2% rise in sales for Ford.

"The pace of auto sales picked up during the first half," Jim O'Connor, Ford group vice president, North American marketing, sales and service said in a statement. "We believe the tax cut and lower interest rates will support stronger economic growth and higher auto sales in the second half."

June sales for the Ford F-Series pickup were 73,938, flat with a year ago,

Shares of Ford were trading down 25 cents, or 2%, at $10.74 in afternoon

New York Stock Exchange