Ford, GM sales dip, production cut
DaimlerChrysler also posts lower U.S. August sales
By Shawn Langlois, CBS.MarketWatch.com
Last Update: 2:48 PM ET Sept. 1, 2004
SAN FRANCISCO (CBS.MW) - Ford Motor and General Motors on Wednesday sliced production forecasts and posted sharp declines against last year's sizzling August, while an uptick at Mercedes couldn't keep DaimlerChrysler from turning in lower results. Dearborn, Mich.-based Ford's sales slipped 13 percent for the month, with 271,394 vehicles sold. The Ford brand, which makes up the bulk of the automaker's sales, sold 224,909 vehicles, down about 12 percent from a year ago.
The popular F-Series, however, posted record sales, rising 15 percent to 84,996 units sold. Lincoln notched a 27 percent slide to 11,219 vehicles. In the ailing Premier Auto Group, Jaguar sales plunged 38 percent from last year to 3,848 and Land Rover saw a 33 percent slide to 3,790 vehicles sold. Volvo bucked the trend with a 6 percent rise to 11,837, bolstered by a 58 percent surge in sales of the new S40 sedan to 2,353 cars sold. The S60 was the best seller at 2,574 units, but that's a decline of 16 percent from last year.
Looking ahead, Ford (F: news, chart, profile) announced plans to build 830,000 vehicles in the fourth quarter, down nearly 8 percent compared to 900,000 produced in the year-ago period. In the third quarter, the company plans to build 755,000 vehicles, in line with prior targets.At last check, Ford shares shed 18 cents, or 1.3 percent, to $13.93.
Truck declines hit GM
General Motors (GM: news, chart, profile) said that its U.S. sales fell 7 percent in August to 406,623 vehicles, with truck sales dragging on results, off 10 percent to 235,989 sold.Car sales declined 2 percent to 170,634. "Comparisons to our record sales of last year are tough. Still, our sales last month fell somewhat short of our expectations," said John Smith, head of sales at GM North America. For the fourth quarter, GM set its production forecast at 1.2 million vehicles, down nearly 7 percent from a year ago. Shares of General Motors, the world's largest automaker, lost 1 cent to $41.30.
Mercedes buoys DaimlerChrysler
DaimlerChrysler (DCX: news, chart, profile) said U.S. sales slipped 6 percent in August to 196,018 vehicles, with the company's Chrysler Group down 6 percent to 178,034. The Chrysler Group consists of the Jeep, Dodge and Chrysler brands.
On the upside, Mercedes-Benz posted a 2 percent rise in sales to 17,583, although the year-to-date figure still lags last year's just slightly -- 140,114 vs. 142,213. Shares of DaimlerChrysler rose 29 cents to $42.06 in afternoon trading.
Nissan, Porsche rise; Mazda slips
Nissan (NSANY: news, chart, profile) said August's U.S sales rose 7.3 percent from last year to 80,314 on strong truck demand. The Infiniti brand fell 6.2 percent to 11,285 units, while Nissan-brand sales rose 9.9 percent to 69,029 units. Sales so far in 2004 are up 22.9 percent.
Meanwhile, Porsche said that U.S. monthly sales rose 13 percent to 2,562 vehicles, with the new Porsche 911 Carrera and Carrera S accounting for 15 percent of the total. Sales are up 16 percent this year. Mazda (MZDAF: news, chart, profile), partially owned by Ford, announced that its U.S. August sales plunged 25.9 percent from last year's level to 21,216 vehicles. Car sales fell 18.9 percent and truck sales fell 38.3 percent.
BMW gains; Audi slumps
BMW (DE:519000: news, chart, profile) said that its U.S. sales rose 6.2 percent to 24,501 vehicles. BMW brand sales rose 9.4 percent to 22,167 with SUV sales providing the lift, up 71 percent to 6,862 vehicles sold. Car sales, however, fell 6.8 percent to 15,305. Mini sales shed 17 percent to 2,334 cars sold.
Audi of America (DE:675700: news, chart, profile) posted a steep 22 percent decline to 6,473 units. Sales of its TT model plunged 53 percent for the month, while its A8 and S8 lines managed an increase of 22 percent.
Honda sales dip
American Honda Motor said that August sales fell 7 percent from last year to 126,625 units. The Acura brand rose 9.5 percent to 16,434 units, while sales of the Honda brand fell 13 percent to 110,191 units. Sales in the Honda-brand truck unit rose 2 percent, primarily due to strong demand of its Pilot sport utility vehicle, which rose 41 percent. U.S.-listed shares of Honda (HMC: news, chart, profile) fell 16 cents to $24.82 following the report. Subaru sales totaled 16,065 vehicles. The automaker sold 4,823 of its Outback model and 5,195 Forester small SUVs.
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