Detroit automakers trade lower after U.S. sales miss estimates for March. The disappointing marks came after Ford (F -1.8%), General Motors (GM -3.2%) and Fiat Chrysler (FCAU -4.7%) all used incentives to bump up sales.
Incentive spending in the industry was up about 13% for the month. "Some of our competitors got really crazy in March," summed up a top Nissan U.S. sales exec on the trend.
Many auto supplier stocks also headed lower after the March sales reports rolled in. Dana (DAN -4.3%), BorgWarner (BWA -3.7%), Gentherm (THRM -7%), Motocar Parts of America (MPAA -4.2%) and Lear (LEA -3.4%) were some of the notable names in decline.
Meanwhile, Tesla (TSLA +7.4%) popped after its Q1 deliveries tally impressed investors. In a bit of a landmark moment, Tesla now has a large market capitalization than Ford and is narrowing the gap with GM.
Market Caps: Toyota $173.6B, Honda $53.3B, GM $51.12B, Tesla $48.50B, Ford $45.17B, Nissan $39.7B.
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