(Updates throughout with Chrysler, Toyota, Nissan sales figures,
stock quotes.)
Ford Motor Co. (F) reported a smaller-than-expected 11% drop in
U.S. sales for June, while rival Chrysler Group LLC posted a
steeper-than-expected decline of 42%.
But Chrysler's results were caused in part by a 95% tumble in
fleet sales, with the auto maker's retail market share up 1
percentage point to 9%.
Meanwhile, Toyota Motor Corp. (TM) continued to struggle,
reporting a 32% drop as the company sold fewer vehicles
domestically than Ford for the third-straight month.
Ford's results continued its recent trend of increased market
share - up three percentage points in June. The results by Ford
further highlight the incremental signs of improvement the industry
has been seeing recently. Analysts and auto makers are hopeful
annualized U.S. sales could hit 10 million in June for the first
time this year, topping May's 9.9 million rate.
But Chrysler said Wednesday that the sales rate was likely at
9.7 million.
Ford, the healthiest of the Detroit Three, boosted its
third-quarter U.S. production target for a second time Monday. The
change is a sign demand is improving and Ford is gaining market
share from rivals General Motors Corp. (GMGMQ) and Chrysler, which
are still dealing with restructuring.
Ford executives saw regional variations with a third of its 22
areas reporting higher year-on-year retail volume and almost a
third more "close to" year-ago levels.
The company's June U.S. light-vehicle sales were 154,873, down
from 173,462 a year earlier. Ford, Lincoln and Mercury car sales
fell 11% while sport-utility vehicles dropped 20% in June. Trucks
and vans declined just 6.9%.
June had 25 selling days, one more than a year ago.
Inventories totaled 343,000 at the end of June, equivalent to a
60-day supply, down 2.3% on the month and 38% from a year
earlier.
Toyota reported its sales slid to 131,654 from 193,234 as car
sales slumped 36%. The Corolla saw a 53% plunge.
Chrysler, meanwhile, reported its total sales dropped to 68,297
from 117,457, as car sales slid 48% and truck sales dropped 40%. By
brand, the Chrysler line posted the steepest decline in sales, down
49%, followed by a 40% drop in the Dodge brand and a 38% drop for
its Jeeps.
Chrysler, which didn't produce any vehicles for fleet sales in
June, reported it finished the month with 195,272 units in
inventory, down 56% from a year ago, and representing a 71-day
supply. Nissan Motor Co. (NSANY) reported its North American U.S.
sales fell 23% to 58,298 vehicles in June. The company also said
showroom traffic patterns over the past 60 days were showing signs
of somestabilization in the U.S. auto sales market.
Ford's shares were up 1% to $6.13 in recent trading. Nissan's
American depositary shares were up 1.5% to $12.26.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com
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