The weather has been bone chilling all across the country so far in 2014, and many automakers are blaming weaker than expected auto sales on the chilly temperatures.
Four of the top five U.S. auto sellers on Monday blamed extreme winter weather for poorer-than-expected sales in January, as analysts and executives predicted a rebound in February and March.
U.S. automakers Ford Motor Co and General Motors Co as well as Japan’s Toyota Motor Sales USA and American Honda Motor Co saw auto sales plummet in January, missing analysts’ estimates for the month.
Sales results were mixed for other companies and brands, with Chrysler Group, a unit of Fiat Chrysler Automobiles, and Nissan North America reporting increases and topping forecasts.
Total industry sales in January, as compiled by Reuters from the manufacturers, fell 3.1 percent to 1,011,188.
Tye folks at Chrysler took the opportunity to crow a bit that the weather only affected their competitors, but having spent some time in Ohio in January, I’m not suprised by these disappointing results. Let’s see what happens in February and March.