August Auto Sales A Disaster As Ford Admits “We Think Sales Have Reached A Plateau”
by Tyler Durden
ZeroHedge.com
Sep 1, 2016
August auto sales were pretty much a disaster this morning with every single OEM missing analyst forecasts.
Ford executives provided the most sobering commentary on future auto sales saying they believe sales have “reached a plateau” and will be “at a lower level” in 2017. When questioned on the notion that sales had “plateaued,” Ford noted that “we’re no longer in a period where we have a lot of pent-up demand coming out of the financial crisis.” Ford also noted that retail incentives continue to run at “historically high levels.” Below are some of the key comments from Ford executives describing the current conditions in the auto market:
“For the remainder of the year, we continue to see retail in the industry provide incentives still running at historically high levels, but down versus the record that we experienced in 2015. Looking ahead to 2017, we continue to see industry sales are strong, but at a lower level than this year.”
“Sales have reached a plateau.”
“It’s just that we’re no longer in a period where we have a lot of pent-up demand coming out of the financial crisis. So that’s why, I think we use the term plateau”
“Comparisons for the rest of the year are going to be really tough.”
The Rest…HERE
