U.S. Auto Sales Fall Short as Pace Drops to Slowest in 13 Months
- GM, Ford gains miss estimates while Toyota has surprise drop
- Annualized rate of 16.6 million follows record 2015 volume
Why U.S. Automakers Missed Estimates
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For the past couple of years, automakers have helped keep the economy going as confident consumers raced to replace their aging rides with more luxurious cars and sport utility vehicles. That torrid growth is starting to level off.
All three U.S. automakers posted sales gains that missed analysts’ estimates in March, while Japan’s Toyota Motor Corp. reported a surprise decline. The annualized rate adjusted for seasonal trends fell to 16.6 million, the lowest in 13 months, according to researcher Autodata Corp. The average analyst estimate was for a pace of 17.3 million, up from 17.1 million last March.