Skip to main content

Ford U.S. sales plunge 28 percent


DETROIT (Reuters) - Ford Motor Co (F.N) said on Tuesday U.S. sales fell 28 percent in June on an unadjusted basis, driven by steep declines in sales of trucks and SUVs under rising gasoline prices.

Sales dropped to 174,091 vehicles in June from 242,029 vehicles a year earlier, including all the automaker's brands, Ford said.

Ford shares fell more than 7 percent lower after the release of the monthly sales figures.

In the Ford, Lincoln and Mercury brands in June, car sales declined 12.1 percent, crossover sales were off 17.8 percent, SUV sales sank 54.7 percent and truck and van sales sagged 37.8 percent, Ford said.

Sales of Ford's F-Series trucks fell 40.5 percent to 38,789. There were 24 selling days in June, compared with 27 days a year earlier.

Ford, which has cut its production plans and capacity overall and increased production of cars and crossovers where demand is rising, said sales fell about 14.3 percent in the first half of 2008 to about 1.16 million vehicles.

"Consumer fundamentals and consumer confidence deteriorated as the first half unfolded," Jim Farley, Ford's head of marketing, said in a statement. "The economy enters the second half of the year with a notable absence of momentum and a high degree of uncertainty."

The automaker, which recently had discussions with representatives of billionaire investor Kirk Kerkorian, has warned about its 2008 results and abandoned a longstanding goal of returning to a profit in 2009.

Kerkorian holds a 6.5 percent stake in Ford and has expressed interest in providing additional support, if necessary, for the automaker to complete its restructuring plans.

Ford shares were down 35 cents, or 7.3 percent, at $4.46 on the New York Stock Exchange after reaching a 52-week low.

(Reporting by David Bailey; Editing by Brian Moss and Jeffrey Benkoe)

Comments

Popular posts from this blog

Plasma TV Or LCD TV - How Do I Decide?

Plasma TV or LCD TV? What's REALLY the difference? It's no doubt that there's still a lot of confusion and misinformation when it comes to the differences between Plasma TV and LCD TV. So how do you know which technology is right for you? Well, it's not a simple matter of Plasma TV is better, or LCD TV is better. It really depends on your circumstances and preferences. Let's talk about the differences and the pros and cons for each, as well as some of the misconceptions regarding these TVs, and hopefully that will help you in your decision making process. Many people confuse Plasma TVs and LCD TVs because at a quick glance they look the same...they're both flat screen TVs, with a thin profile, which can be mounted on a wall. They're definitely both very cool technologies. They share other similarities, of course, such as screen resolution, input types, and a few others, but Plasma TVs and LCD TVs are totally different technologies, and there are differenc...

How To Live Fulfilled Life

One of the things that most of my coaching clients have in common is that they want to live a fulfilled life. After all, who really wants to live an unfulfilled life? So the question that you may have is How do I live a fulfilled life? Here are 3 keys to help you live the life that you want. 1. Know what you want out of life. Imagine that you were hungry and really wanted to eat. You go to a restaurant and when the waiter asked you what you want you said ‘I just want to be full so just bring me some food.’ A few minutes later they bring you out the most disgusting food you have ever seen. This is what it can be like in life as well. Just because you want to live a full life doesn’t mean you will. Only when you know exactly what you want out of life can you start to live a fulfilled life. 2. Actively pursue it. This may seem very obvious but just think about the things in your own life that you want but aren’t actively pursuing them. You may have all kinds of reasons, excuses, doubts, a...

Titanic's last survivor: Milvina Dean, 97

by Mary Rourke Millvina Dean, the last survivor of the Titanic, the ocean-liner that sank on its maiden voyage in April 1912 after colliding with an iceberg in the North Atlantic Ocean, died today. She was 97. She died at a nursing home near Southampton, England, the port where she and her family boarded the ship on its only voyage, according to Charles Haas, the president of the Titanic International Society. Her death came on the 98th anniversary of the launching of the Titanic on May 31, 1911. "She was a remarkable, sparkling lady," Haas told the Los Angeles Times today. "She knew her place in history and was always willing to share her story with others, especially children. She was the last living link to the story." Dean was about 8 weeks old when she and her family set sail, third class, on the luxury ocean liner on April 10, 1912. Five days later, she was among some 700 passengers and crew rescued off the coast of Newfoundland. She and her mother, ...