May US auto sales seen down on 2 fewer selling days than year ago – CNBC
The U.S. auto industry looks set for another record year, even as May new-vehicle sales reported so far on Wednesday showed a decline due to weak demand for sedans.
General Motors, the largest U.S. automaker, plunged 18 percent in the month. Sales were seen dropping 13.1 percent by Edmunds and 8 percent by TrueCar.
The stock was down more than 3 percent Wednesday morning, tracking for its worst day since Jan. 7 when it lost 4.09 percent.
In pickup trucks, sales fell 12.7 percent for its Chevrolet Silverado and decreased 7 percent for its GMC Sierra. The decline in GM sales was slightly steeper than analysts expected. GM had slowed production at three of its plants that make sedans, which hurt May sales, the company said.