REUTERS: Fiat Chrysler Automobiles NV and Hyundai Motor Co on Wednesday reported a sharp decline in quarterly U.S. auto sales, as the COVID-19 crisis sapped auto demand across the country.
Analysts say the second quarter is expected to see the biggest contraction in auto sales this year, as pandemic-led lockdown restrictions and job losses kept consumers at bay.Fiat Chrysler reported a 39per cent slump in U.S. sales to 367,086 vehicles in the second quarter, hit by lower demand for its Jeep and Dodge sport utility vehicles and Ram pick-up trucks.
"Retail sales have been rebounding since April as the reopening of the economy, steady gas prices, and access to low interest loans spur people to buy," said Jeff Kommor, Fiat's head of U.S. sales.Auto consultants J.D. Power and LMC Automotive estimate U.S. vehicle sales fell about 25per cent to 1.09 million units in June, slowing from an over 40per cent plunge in April and a 29per cent decline in May.
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