GM, Chrysler, Ford sales tumbled in July

But Toyota boasts a 16.2 percent increase as rising gas prices reshape market.

DETROIT (Reuters) — General Motors, Ford and Chrysler Tuesday reported steep declines in July sales, a drop expected to cost the U.S. automakers a bigger slice of a market overshadowed by concerns about fuel efficiency and high gasoline prices.

The sales declines came after steep discounts fired up sales a year ago.

Meanwhile, Toyota (down $2.12 to $103.10) on Tuesday posted a 16.2 percent increase in U.S. vehicles sales as consumer demand for its passenger cars increased amid concern over fuel economy.

In addition to Ford Motor Co. (down $0.09 to $6.58) and DaimlerChrysler (down $0.87 to $50.78)’s sales plunge, GM (down $0.86 to $31.37) said its U.S. sales fell 19.5 percent in July, driven by a slump in car sales, which offset a slight increase in demand for its new line of sport utility vehicles.

Reuters