Automakers on Thursday reported lower-than-expected July sales gains in the U.S., as a disappointing month for General Motors Corp. offset a strong performance by Chrysler Corp.
The industry posted a 0.7 percent increase in U.S. sales over July last year, reports indicated. Analysts had expected an increase of about 2 percent.
All major companies reported July sales Thursday except Ford Motor Co., which will do so Monday.
GM posted an unexpected 2.5 percent decline in U.S. sales last month. Analysts had been expecting GM to post a slight gain. But GM’s car sales fell 5.5 percent, while truck sales rose just 1.9 percent.
Chrysler again led the industry with an increase of 19 percent in July. Consumers rushed to take advantage of a new lease program on its Jeep Grand Cherokee. Chrysler’s Town & Country luxury mini-van also remained strong.
Toyota Motor Corp. also had a strong July, with an 18 percent increase from a year earlier.
Other Japanese automakers weren’t as successful. Honda Motor Co. reported an 11 percent decline, while Nissan Motor Corp. said its sales fell 19 percent in July.
