DETROIT, May 2 (Reuters) - General Motors Co, Ford Motor Co and Toyota Motor Corp, the top three automakers in the United States, on Tuesday all posted lower new vehicle sales in April in a fresh sign the long boom cycle for the auto industry is losing steam.
GM shares fell 3.5 percent while Ford was off 4.5 percent.
No. 1 U.S. automaker GM reported a 6 percent decline in April sales to 244,406 vehicles, but said the month continued to see strong growth for crossovers and trucks.
Over the past couple of years, U.S. consumers have increasingly shunned cars in favor of larger crossovers, SUVs and trucks.
New vehicle sales have risen ever since the end of the Great Recession, hitting a record of 17.55 million units in 2016. But as consumer appetite for new cars has waned, automakers have raised discounts to get vehicles off dealer lots.
GM said the average transaction price for its vehicles rose in the first quarter and that its consumer discounts were equivalent to 11.7 percent of the transaction price. The automaker also said its inventory level had risen to 100 days of supply at the end of April versus around 70 days at the end of 2016.
GM has said it will bring inventories down by the end of 2017, but the most recent level has created concern among analysts.
Ford, the No. 2 U.S. automaker, said sales were down 7.2 percent in April, with sales to consumers down 10.5 percent. Car sales dropped 21 percent and trucks declined 4.2 percent, while SUV sales rose 1.2 percent.
Toyota said sales fell 4.4 percent in April, with its luxury Lexus brand posting an 11.1 percent drop. U.S. car sales at the Japanese automaker were down 10.4 percent, while truck sales were up 2.1 percent. (Editing by Jeffrey Benkoe)