Ford’s (F) U.S. auto sales fell less than expected in May marking its best performance since July 2008, the automaker reported on Tuesday.
The company said total domestic vehicle sales fell 24.3% on a Y/Y basis. That was a narrower decline than the 32% retreat in April. Ford also said it reduced incentive spending in May, but believed that the market share for its Ford, Lincoln and Mercury brands grew to its highest level since 2006.
Meanwhile, The NYT reports that GM has reached a preliminary agreement for the sale of its Hummer brand to a machinery company in western China, according to a person familiar with the Chinese government approval process.
G.M. announced the deal early Tuesday morning in Detroit but said that the memorandum of understanding would not allow it to reveal the buyer or the price. Industry analysts have estimated that the Hummer division would sell for less than $500 million.