U.S. auto industry sales weakened in May, with General Motors Co., Ford Motor Co. and other manufacturers reporting lower U.S. vehicle sales for the month due to sluggish demand for sedans and fewer selling days. Ford, which on Wednesday reported a 6 percent drop to 235,997 vehicles from a year earlier, estimated a sales decrease of about 8 percent for the U.S. industry in May.
GM, the largest U.S. automaker, said its sales fell 18 percent to 240,450 vehicles, a steeper decline than analysts had expected. The sales reports spooked investors who have been on the lookout for weakness in the cyclical auto industry, which has been on an upswing since the Great Recession. READ MORE