Ford's February auto sales fell a whopping 48.4%, which will re-enforce fears the the economy continues to stumble.
While the decline in car sales of more than 40% and truck sales of more than 54% are scary, it's Ford's plan to cut production next quarter by 38% that I am interested in. Ford is being prudent bringing production down to meet lower anticipated sales.
Remember, last month the company reduced (by roughly 1 million) it's estimate for how many vehicles it thinks the industry will sell this year.
While you will see large percentage declines from all the auto makers today, the key thing to watch is the retail sales rate. The last three months it has been about 8.6 million vehicles.
If it holds at that rate for February, we may be seeing a bottom for auto sales.
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