US auto sales plunge in 1st half of 2017

U.S. auto sales plunged for the fourth successive month in June, down 3%. All the Detroit giants registered disappointing sales declines for the month compared to a year ago. Based on the first half of the year, the prospects for the remainder of the year look bleak, indicating this year’s industrial sales will fall short of last year’s record sales.

The sales projections for the full year now stand at 17.1 million units, which would represent a 3% sales decline from 2016’s record sales. Retail demand has been waning over the past several quarters. SUVs and crossovers, however, put on a good show in June, witnessing robust demand. Executives remain optimistic as buyers are opting for high-priced vehicles that will help the industry increase earnings. Trucks and SUVs remain the highlight for the month as they witnessed sales growth of 13% and accounted for 63% of sales in June. Read more