US new vehicle sales dropped in July

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US new vehicle sales dropped in July

August 02, 2018 - 11:45
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According to Reuter, US vehicles manufacturers informed on Wednesday about lower sales of new cars. Fiat Chrysler Automobiles NV was an exception and announced 6% growth.

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According to Reuter, US vehicles manufacturers informed on Wednesday about lower sales of new cars. Fiat Chrysler Automobiles NV was an exception and announced 6% growth.

US consumers are shifting from traditional passenger automobiles to more spacious and comfortable SUVs and pickup trucks. It shall be noted that those classes of cars are more profitable for producers and their sales have been growing recently.

In a whole, new cars sales grew in the first half of 2018 due to tax overhaul, however, it expected that they will drop in the second half due to rising interest rates and excessive amount of used cars in the market.

Ford Motors’s sales dropped 3,1% in July. Earlier this year Ford informed that it will gradually stop producing passenger cars in the US.

Toyota Motor Corp’s sales declined by 6% in July, while Nissan Motor Co Ltd lost 15,2%. Honda Motor Co’s sales were 8,2% lower.