There's two pieces of news in the monthly auto sales report:
1) Everyone is having a miserable time, not just GM ;
2) The stocks are showing only modest reaction to poor sales. Bulls will cite this as evidence that even a GM (down 5 percent, modest compared to its awful report) may be bottoming; bears say the outlook is so cloudy this could get even worse for them.
--GM July vehicle sales fell 32.4 percent adjusted versus an expected decline of 25 percent;
--Ford total vehicle sales fell 21.5 percent adjusted which is slightly worse than expected, and like GM there was no areas of outperformance: truck sales down 28 percent, SUV sales down 58 percent, Volvo sales down 50 percent;
--Honda sales down 9.2 percent;
--even Toyota is having trouble selling cars. While Toyota continues to outsell Ford by a wide margin, total Toyota sales are down 18.7 percent compared to the same period last year, and even Toyota cars are down 8.3 percent.
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