Detroit automakers reported another month of strong demand from U.S. consumers for trucks and sport utility vehicles on Tuesday, but their shares dropped as analysts focused on signs the world's second largest auto market has little room to grow.
April autos sold at a pace of 17.4 million vehicles, according to Autodata. But shares of U.S. car makers Ford and GM were 1.39 percent and 1.57 percent lower, respectively, Tuesday after General Motors posted a decline in U.S. sales, while rival Ford saw sales increase.
General Motors' total sales fell 3.5 percent to 259,557 vehicles as daily rental sales declined, despite growing retail sales of the Chevrolet brand.
Chevrolet had its best April for retail sales since 2006, especially impacted by the Malibu's 45 percent sales bounce, the company said. But less profitable rental deliveries are expected to continue their slide this month, and will make May the largest single-month decline of 2015-2016, the company estimates.