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Falling US sales hit Ford and GM | |
(about 1 hour later) | |
Ford and GM have suffered setbacks in their efforts to turn around their respective businesses after their US sales both fell nearly 20% last month. | |
Ford suffered a 19% fall in total US sales in July with demand from individual customers dropping 17%. | |
GM's sales also fell 19%, prompting experts to claim the slump in the housing market had made buyers more cautious and affected industry demand. | |
Ford appeared to turn a corner when it recently made a $750m (£370m) profit. | |
'Sobering' | 'Sobering' |
Cost-cutting and the sale of Aston Martin helped contribute to the improvement in the company's financial position in the second quarter. | |
But Ford said July's disappointing figures, when it sold 195,245 vehicles, demonstrated that it still had a long way to go to revive its fortunes. | But Ford said July's disappointing figures, when it sold 195,245 vehicles, demonstrated that it still had a long way to go to revive its fortunes. |
We know we have a lot of work to do Mark Fields, Ford | We know we have a lot of work to do Mark Fields, Ford |
"July is a sobering reminder of the economic and competitive challenges we face," said Mark Fields, the Ford executive in charge of its North American business. | "July is a sobering reminder of the economic and competitive challenges we face," said Mark Fields, the Ford executive in charge of its North American business. |
"We are encouraged by the progress we have made and consumers' responses to our new products. At the same time, we know we have a lot of work to do." | "We are encouraged by the progress we have made and consumers' responses to our new products. At the same time, we know we have a lot of work to do." |
Sales of Ford models were generally weak although new crossover vehicles - which combine features from sports utility vehicles and smaller, more fuel-efficient cars - performed better. | Sales of Ford models were generally weak although new crossover vehicles - which combine features from sports utility vehicles and smaller, more fuel-efficient cars - performed better. |
Tough climate | Tough climate |
Jaguar sales were down an alarming 43%. | Jaguar sales were down an alarming 43%. |
Ford is considering selling both Jaguar and Land Rover as part of a radical restructuring of its business as it tries to get to grips with more competitive and successful Japanese rivals. | Ford is considering selling both Jaguar and Land Rover as part of a radical restructuring of its business as it tries to get to grips with more competitive and successful Japanese rivals. |
July was a tough month for the industry as a whole as growing economic worries and higher gas prices curbed spending in the US. | July was a tough month for the industry as a whole as growing economic worries and higher gas prices curbed spending in the US. |
"The twin headwinds of gas prices and housing are clearly having an impact on the business," said GM's chief sales analyst Paul Ballew. | |
Chrysler saw sales fall 8% although Nissan saw a 2% rise on demand for a number of popular models. | Chrysler saw sales fall 8% although Nissan saw a 2% rise on demand for a number of popular models. |
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