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Ford's US sales fall yet further Ford and GM see US sales decline
(about 1 hour later)
Struggling carmaker Ford has seen yet another sharp drop in US sales as it continues to fail to win over buyers. Struggling US carmakers Ford and General Motors (GM) have both seen a sharp drop in monthly US sales as they continue to fail to win over buyers.
Ford's overall monthly sales fell 8.1% in June, led by a continuing decline in the popularity of its cars, which saw a 24.6% drop in sales. With both blaming the declines on planned cuts in unprofitable sales to rental firms, GM's overall June sales fell 24%, while Ford's were down 8%.
By contrast, sales of its trucks added 2.9% last month. By contrast, their main Japanese rivals all saw their US sales rise last month.
Sales at Ford's US rival Chrysler, which got a new owner in May, declined by 1.4% in June. By contrast, Japan's Nissan saw its US sales jump 22.7%. Nissan's monthly sales added 22.7%, while Honda's advanced by 7.3%, and Toyota gained 6.1%.
Meanwhile, Toyota's sales added 6.1%. Chrysler, the third of the "big three" US carmakers saw its June sales decline 1.4%.
'Lower rental sales' Job cuts
Ford, which is continuing with cost-cutting plans, blamed the bulk of its sales decline on a planned reduction in low-margin sales to rental companies. Both GM and Ford are continuing with major cost cutting plans as they attempt to turn around their fortunes.
The company, which plans to sell its luxury UK-based Jaguar arm, is looking to cut 45,000 jobs in North America. Ford, which plans to sell its luxury UK-based Jaguar arm, is looking to cut 45,000 jobs in North America, while GM aims to reduce its workforce by 34,000 jobs.
Its sales in May had declined by 6.9%, seeing it fall from second to third-largest car seller in the US, as it was overtaken by Toyota. Meanwhile, Chrysler is being taken off the stock market by private equity group Cerberus Capital Management in a $7.4bn (£3.7bn) deal expected to be completed as early as this month.
Chrysler is being taken off the stock market by private equity group Cerberus Capital Management in a $7.4bn (£3.7bn) deal expected to be completed as early as this month.
It is being sold by German owner Daimler.It is being sold by German owner Daimler.
Ford's sales of traditional cars fell 24.6% last month.
By contrast, sales of its light trucks, which includes its sports utility vehicles, added 2.9%.
GM's passenger car sales lost 22.3%, while its light trucks lost 25.6%.