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'Growth is over', Ford says of car industry

Pent-up demand has been satisfied, and lower used car prices are drawing some buyers away from new vehicles

Published Fri, Jul 29, 2016 · 09:50 PM
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Detroit

FORD Motor Co on Thursday declared that the US car industry's long recovery is at an end, sending its stock and those of rival car companies tumbling.

"The growth is over," Ford chief financial officer Robert Shanks told Reuters in an interview. He earlier forecast that US light vehicle sales would fall in 2016 from the record of 17.47 million last year, and fall again in 2017.

Pent-up demand built during the last recession has been satisfied, and lower used car pri…

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