Big Three' Automakers' Shares Slide as Supply Woes Hurt Sales

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 [e-mail]

(END) Dow Jones Newswires

July 05, 2022 14:00 ET (18:00 GMT)

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