Q2 Sales Plummet at GM and Ford as Coronavirus Takes a Toll
U.S. automakers have been squeezed this year by a combination of falling demand because of the weak economy and supply constraints because of coronavirus-related plant shutdowns. They felt the greatest pressure in the second quarter, as the pandemic peaked in many parts of the U.S. during April.
These factors impacted General Motors (NYSE: GM) and Ford Motor (NYSE: F) similarly over the past few months. In recent days, both top Detroit automakers reported that domestic vehicle deliveries plummeted by about a third last quarter.
GM and its dealers delivered 492,489 vehicles in the U.S. during the second quarter: down 34% year over year. All four of its brands posted sales declines in excess of 30%, including a 41.4% drop at Cadillac, which was hurt by a soft luxury vehicle market.
Source Fool.com
