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U.S. new vehicle sales drop in July

U.S. new vehicle sales drop in July

U.S. new vehicle sales drop in JulyMajor automakers on Wednesday reported lower U.S. new vehicle sales for July amid steep declines in passenger cars, except Fiat Chrysler Automobiles NV (FCA) (FCHA.MI) (FCAU.N), which said its sales climbed 6 percent. U.S. consumers have been shifting away from traditional passenger cars in favor of larger, more comfortable SUVs and pickup trucks, which are also more profitable for automakers.

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