U.S. Auto Sales Strong, But This Is Why GM, Ford Stocks Keep Falling

"The first half of 2018 has been stronger than we expected with the new light-vehicle SAAR staying above 17 million," said Jonathan Smoke, chief economist for Cox Automotive. But, he added, gains have been driven mostly by (low-margin) fleet sales, while higher incentive spending by automaker propped up flat retail sales over the period.