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GM, Ford to see US market-share slide, forecaster predicts
Reuters • • business
Key Points:
- Ford’s vehicle sales are forecasted to decline 8.8% through the first three quarters of the year, reducing its market share to 12.5%, nearly a full percentage point lower than last year, according to Cox Automotive.
- General Motors (GM) is also expected to see a 6.2% drop in US vehicle sales year-to-date through September, with its market share falling from 17.4% to 16.7%, marking one of the steepest declines among major carmakers.
- Both GM and Ford are struggling due to a limited range of fuel-efficient and hybrid vehicles, causing some customers to switch to competitors offering more hybrid options amid rising gas prices.
- In contrast, automakers with strong hybrid lineups like Toyota and Honda are experiencing sales gains, with Toyota expected to increase sales by 1.1% and Honda by 5.6% through the third quarter.
- Despite economic challenges, overall US vehicle sales are projected to reach 16.1 million for the year, slightly higher than previous forecasts, indicating a relatively steady new vehicle market.
