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Ford Motor Co. saw U.S. sales rebound sharply in July for the second consecutive month while Toyota Motor Corp. and Honda Motor Co. saw sales dip for the 12th consecutive month.
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As automakers report second quarter results, analysts say a market rebound may be on the way.
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The automaker has dialed down its worldwide production schedule for July by 50,000 vehicles to 800,000.
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Automakers have urged Congress to lift a cap on the $7,500 electric vehicle tax credit.
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The seasonally adjusted, annualized rate of sales fell to 12.81 million in May, according to Motor Intelligence.
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The 2022 Working Relations Index shows Toyota in first place, with Honda rapidly closing in.
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The loss leader in this equation was Toyota Motor Corp., which saw April sales volume fall 23%.
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Toyota Motor Corp. is getting closer to using up a key U.S. tax credit for hybrid and electric vehicles, a situation company leaders say will raise its costs and hinder the adoption of climate-friendly cars.
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The U.S. auto industry has no shortage of buyers currently, but it lacks the inventory to satisfy them.
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Experts predict the Russian invasion of Ukraine could slash global production of new cars and trucks by millions of units in 2022.
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