GM and Fiat Chrysler report softer July sales in Canada
By Allison Lampert
MONTREAL (Reuters) - General Motors Co (GM.N: Quote) and Fiat Chrysler Automobiles (FCHA.MI: Quote) on Wednesday reported softer Canadian sales in July, while rival Ford Motor Co (F.N: Quote) said it sold more cars in the month, on an annual basis.
Fiat Chrysler reported July sales of 24,669 vehicles, down 14 percent compared with sales of 28,534 units during the same month a year earlier. The automaker's July numbers were calculated using a new reporting method following a similar revision to its U.S. figures.
Fiat Chrysler said in July it had revised more than five years of monthly U.S. vehicle sales figures to reflect a new reporting method, amid an investigation by federal authorities into claims of inflated sales figures.
General Motors said it sold 21,255 vehicles in July 2016, down 6.8 percent compared with 22,826 units in July 2015.
Honda Motor Co (7267.T: Quote) on Wednesday said its Canadian sales declined 4 percent in July, on an annual basis, to 16,869 units.
Earlier in the day Ford reported a total of 29,778 vehicles sold in July, up 9.6 percent compared with the same month in 2015.
The numbers follow a record-breaking June for the sector in Canada with auto sales rising 7.4 percent to 191,088 on an annual basis, according to Canadian auto analyst Dennis DesRosiers. According to a June report by Scotiabank, Canadian auto sales are expected to rise to 1.96 million vehicles in 2016, up from a record-breaking 1.90 million units last year.
On Tuesday, the biggest automakers in the United States reported July U.S. sales that disappointed Wall Street as skittish investors feared the industry's long streak of strong sales may soon be over, sending their shares skidding about 4 percent.
(Reporting By Allison Lampert; Editing by Meredith Mazzilli and Sandra Maler)
© Thomson Reuters 2017 All rights reserved.