Big Three' Automakers' Shares Slide as Supply Woes Hurt Sales
July 05 2022 - 2:15PM
Dow Jones News
By Dean Seal
Shares of the so-called Big Three U.S. auto makers slipped lower
by midday Tuesday as supply chain disruptions continue to drive
sales declines for the auto industry.
Shares of Ford Motor Co. slid 2.5% to $11.04, despite the
company reporting Tuesday that it had moved against the industry's
downward trend by delivering nearly 32% year-over-year sales growth
in June. The Detroit giant said total auto-industry sales were down
11% last month.
Shares of General Motors Co. retreated 1.4% to $31.73. The car
maker said last Friday that it was unable to deliver nearly 100,000
vehicles during its second quarter due to a lack of computer chips
and other parts, which is expected to lead to an earnings
shortfall.
Shares of the Chrysler parent company Stellantis N.V. fell 3.1%
to $11.24. FCA US LLC, the subsidiary in charge of the Chrysler,
Dodge, Jeep and other brands, reported Friday that retail sales
fell 24% in its second quarter.
American depositary receipts for non-U.S. auto makers, including
Nissan Motor Co. and Honda Motor Co., were also moving lower by
midday Tuesday.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 05, 2022 14:00 ET (18:00 GMT)
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