• GM total Sept vehicle sales up 1.5% vs 2.8% exp
  • Toyota Sept sales +41.5% vs +36% exp
  • Ford -0.2% vs +2.3%

Truck are a major laggard. GM blamed soft fleet sales.

What can we read into soft fleet/truck demand? Hard to say but it’s another sign of weak business investment, which is a plague on the economy.