Economy

Coronavirus tanks U.S. auto sales in the second quarter for GM, FCA

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Cars sit in a dealership lot on the first day that dealerships are allowed to open to the public on May 20, 2020 in Linden, New Jersey.

Spencer Platt | Getty Images

U.S. vehicle sales in the second quarter for General Motors, Toyota Motor and Fiat Chrysler plunged by more than 30% as the coronavirus caused consumers to stay at home, and dealerships and factories to shutter.

The hefty declines are in-line with what Wall Street expected. Hyundai Motor and Porsche also reported significant drops in sales between April and June compared to a year earlier. The automakers were among the first to report second-quarter sales on Wednesday.

U.S. vehicle sales were forecast to fall by about 34%…



Source cnbc.com

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