Price war prompts worries over DaimlerChrysler's outlook - DodgeIntrepid.Net Forums - Dodge Intrepid, Concorde, 300m and Eagle Vision chat
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post #1 of 1 (permalink) Old 07-26-2004, 05:59 PM Thread Starter
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Price war prompts worries over DaimlerChrysler's outlook

From Automotive News:

Price war prompts worries over DaimlerChrysler's outlook
Reuters / July 26, 2004

The U.S. car industry suffered almost its worst sales month in six years in June following a hike in U.S. interest rates and a brief attempt to scale back incentives by General Motors and Ford.

Last month's double-digit declines in GM and Ford car sales left both with inventories estimated around 30 percent above average and forced them to resume more generous cash rebates on cars and trucks.

"Looking ahead, we see a lot of challenges such as a tough pricing environment, the product costs in North America and a declining opportunity for mix improvements," Ford Chief Financial Officer Don Leclair said during a conference call last Tuesday.

GM, the world's largest carmaker, told analysts last Wednesday its high inventories posed a risk. "We expect pricing to be tougher in the second half of the year," GM finance chief John Devine said during last week's conference call.

Dresdner Kleinwort Wasserstein said GM and Ford results did not bode well for Chrysler.

"Looking into the second half and 2005, the head winds are getting tougher due to high inventories," the bank wrote to clients in a note on Thursday.
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