Ford’s October new-car sales slip 5%
The Big Three U.S. carmakers saw inventories rise despite the six-week-long United Auto Workers strike, but worries that consumers are pinched have lingered and the stocks remain under a cloud.
Inventory at Ford hovers at 70 days’ supply, or four more days than in September; GM’s is at 58 days, or nine days more month over month, and Stellantis’s is at 92 days, or 11 more days.Sales of the Bronco, whose production at a Michigan plant was one of the first to be halted due to the strike, were down 56% year over year, Ford said. GM and other carmakers have switched to reporting quarterly sales and are scheduled to update investors in early January.
Carmakers entered the strike with higher inventories than in previous months, providing a welcome cushion as the labor action ground on and more workers walked out each week. A solid SAAR, however, “will not remove investor fears of consumer distress,” Chris McNally at Evercore ISI said on his note Thursday. Carmakers “will now need to balance incentives with underlying unit replacement demand.”
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