Investors are punishing automakers’ stocks this week after second-quarter earnings reports exposed industrywide issues of slowing sales and high prices. [CutID: <Cuts> AUTOMAKERS-STOX-house-q-FRIam.mp3 Time: 28s Title: AUTOMAKERS-STOX-house-q-FRIam Out-cue: 20-percent this week] TAG: Correspondent Jeremy House reporting. Others such as General Motors, Tesla, Stellantis and Nissan, all saw shares drop at least 6%. Stellantis CEO Carlos […]
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Automakers hit ‘significant storm,’ as buyers reject lofty prices
Investors are punishing automakers’ stocks this week after second-quarter earnings reports exposed industrywide issues of slowing sales and high prices.
[CutID: <Cuts> AUTOMAKERS-STOX-house-q-FRIam.mp3
Time: 28s
Title: AUTOMAKERS-STOX-house-q-FRIam
Out-cue: 20-percent this week]
TAG: Correspondent Jeremy House reporting. Others such as General Motors, Tesla, Stellantis and Nissan, all saw shares drop at least 6%. Stellantis CEO Carlos Tavares said the industry is in a significant storm and facing turmoil.
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VERBATIM: It’s come just as the companies are having to spend huge sums to make new electric and gas vehicles. Many automakers have growing stockpiles on dealer lots, requiring increased discounts to sell them to buyers with stressed-out household budgets. Ford reported a drop in second-quarter earnings due electric vehicle losses and persistently high warranty costs. It led the declines with shares falling 20% this week.