I Don’t Like the US Car Market
Skerdian Meta • 1 min read
I don´t know about you guys or any financial analysts for that matter, but I have a weird/bad feeling about the US vehicle market. The first day of the month is usually when these big automakers publish their sales for the previous month.
Earlier today General Motors, Fiat/Chrysler and Nissan posted their auto sales for October. Guess what? The sales declined last month for all of them. Fiat/Chrysler sales declined by 10%, Nissan sales dropped by 2.2% while the biggest US auto maker General Motors slashed sales by 1.7%, although this was seen as positive since the expectations were for a far larger decline.
Toyota published their sales report a bit later and it wasn´t a pretty picture either. They reported an 8.7% decline in October. Ford will publish the auto sales later this week because apparently there has been a fire in the headquarters. Maybe they just don´t want to face the truth so they are delaying the figures as much as they can.
Jokes apart, the US car market doesn´t point to a bright future. The car sales have been weak all year round, but the most worrying thing is that they remain weak even now that the US and the global economy are picking up pace.
I don´t know whether the US consumer is holding back on new vehicles or there are some other divergences within the US economy, but something is not right here. perhaps the weak auto sales were the reason for all the USD bashing today.