The slump in the U.S. auto industry is showing no signs of letting up.
Sales at all six of the biggest automakers in the U.S. dropped again in April, with Ford Motor Co. and Honda Motor Co. posting the steepest declines -- about 7 percent each. To make matters worse, each company’s figures fell short of what analysts had estimated, sending the industry to its fourth straight down month after a record sales year in 2016.
The April reports immediately reverberated across the stock market, with Ford closing at its lowest level in more than four years. The selloff also spread to auto-parts makers and car retailers. Analysts said the grim numbers indicate the industry will need to boost discounts and cut production to address swelling inventory on dealer lots, particularly as credit tightens.