by Mike ‘Mish’ Shedlock
The Street
General Motors, Toyota, and Chrysler all report steep declines in auto sales. On the plus side, the results were better than many expected.
Despite Deals and Covid-19 Stimulus sar sales plunged a record amount. But due to factory shutdowns and stimulus offers, dealer inventories are lower than normal.
Second-Quarter Sales Drop
Auto sales in the second-quarter are down by about a third according to the Wall Street Journal.
General Motors Co.reported a 34% drop in second-quarter sales compared with a year ago, with demand picking up in May and June. Toyota Motor Corp.’s sales fell by about a third while Fiat Chrysler Automobiles reported a 39% decline.