The combination of record high fuel prices and continuing difficulties in the housing sector has further accelerated the shift away from large pickups and SUVs to small and medium-sized cars and crossovers. We saw a real change in the industry demand for pickup trucks and SUVs in the first two weeks of May. It seemed to us that we reached a tipping point where customers began shifting away from these vehicles at an accelerated rate.
– Alan Mulally, CEO Ford
That’s Ford (F) CEO Alan Mulally on a conference call this morning reviewing the company’s business plan.
Just another piece of evidence that the US consumer is getting squeezed and it is effecting his spending decisions.