Auto sales remain weak in July: Ford executive : US Business

RICHMOND, Indiana (Reuters) - Auto sales have remained weak in July and reflecting the trend in shifting demand toward smaller vehicles, Ford Motor Co's president of the Americas said on Tuesday.

"We continue to see industry weakness and at this point our main goal is to make sure we stay on top of the industry signs and react accordingly," Mark Fields told reporters at an event celebrating the centennial of Ford's Model T.

Fields also said it was not possible to predict when U.S. auto sales would bottom. U.S. auto sales have been tracking at a more than decade low in 2008, pressured by U.S. economic uncertainty and a sharp rise in gasoline prices.

Fields also said Ford remained on target to complete $5 billion of operating cost reductions and trimming salaried expenses by August 1. The company had said previously that it would cut 15 percent of its salaried costs.

(Reporting by David Bailey; Editing by Brian Moss)

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