High gasoline prices and a weak economy took a toll on U.S. sales of Toyota and Ford vehicles in June, with Toyota reporting a 21.4% decline and Ford dropping 27.9%, according to The AP. Toyota had been expected to fare better because of a lineup of more fuel-efficient cars and crossover vehicles. But it didn’t. Toyota said Tuesday its car sales dropped 9.4% for the month, while its truck sales slipped 38.9%. For the first half of the year, Toyota sales were down 6.8%. Ford shares sank to a new 52-week low, while GM shares were trading near their lowest level in more than 50 years.
Ford blamed the latest sales decline on high gas prices and low consumer confidence. It reported steep drops in June sales of pickup trucks and SUVs, including a 41% YOY decline for the F-Series pickup and a 52% drop for the Ford Explorer SUV.
U.S. auto sales had already fallen for seven straight months as of May, the longest period of consecutive monthly drops in eight years, according Edmunds.com.
