As automotive sector spectators prepared themselves for a round of double-digit declines when September sales were announced, Ford Motor gave no surprises.
The automaker posted a 20.5% erosion in September U.S. sales, falling to 189,863 from 238,848 cars and trucks a year ago. Declining sales were chalked up to stiffer competition and the eroding U.S. housing market.
The Lincoln MKX crossover was one of few positives, with sales up 32.6%. Cars sales, on the other hand, shrunk a whopping 38.9%, while trucks tapered off 9% from a year ago. The Ford F-Series truck, the best-selling vehicle in the U.S., saw its sales fizzle 20.8%.
Edmunds.com analyst Jesse Toprak says auto makers including Ford, Nissan (NSANY), and Toyota (TM ), spent less per vehicle in September compared to last year, while General Motors (GM) and Honda (HMC) spent more. Edmunds.com's monthly outlook shows auto incentives in September were down 10.4% overall from a year ago.
After taking a small blow last week, Ford shares are currently up 0.24% at $8.47 per share, still slightly above its 10-day and 20-day moving averages. The stock has struggled with resistance at a 50% retracement from its June peak ($9.70) to its August low ($7.49).