Car Sales Drop 33% In 2nd Quarter

Automakers saw a sharp decline in sales for the second quarter by an average of 33%, primarily due to the coronavirus pandemic. In the U.S., GM, Toyota and Fiat-Chrysler saws sharp declines of more than 30% in sales. As people remained home, and factories and dealerships shuttered, the downturn in sales is what Wall Street had expected. Hyundai, Porsche and Nissan saw significant sales declines from April to June, in comparison to sales figures last year at that time. By Wednesday, shares of GM were nearly in the red, along with a 1% drop for Toyota and 3% for Chrysler. Pick-up truck sales were reported higher than anticipated by GM, amid lower inventories and customer demand. The companies also reported they are beginning to return to regular production levels and stated retail sales are beginning to rebound from the sharp decline seen in April.