Thomson Reuters
Newly named Ford Motor Company president and CEO James Hackett answers questions during a press conference at Ford Motor World Headquarters in Dearborn, Michigan.
Ford's stock dropped to $10.90 in early trading after the Detroit-based auto company reported a decline in year-over-year sales of 7.4%, several points worse than what analysts expected.
Ford's fleet sales - the sales of vehicles to rental car firms, corporations, government agencies, and utility companies - were down 26.4% in the second quarter of 2017.
Retail sales fell by only 1%, with Ford's share of the retail market actually increasing over the last three months inluding July.
Ford was not the only auto company to fall short of analyst expectations. The other two major American auto companies, GM and Fiat Chrysler, reported -15% and -10.5% year-over-year sales, respectively, both well short of analyst expectations.
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