2:07pm -- A little over 326,000 auto deliveries for GM in June. This represents about a 24% drop from June of last year. Big news here -- that's a huge drop for GM. In addition, some June highlights would be:

• GMC Acadia, Saturn OUTLOOK and Buick Enclave Achieve Industry Mid-Crossover Segment Leadership with Significant Retail and Total Sales Increases
• Daily Rental Sales Down 22 Percent In June; Down Almost 100,000 in First Half of 2007
• All-New Chevrolet Silverado and GMC Sierra Boost Full-Size Pickup Total and Retail Sales Increase in First Half of 2007 Compared With A Year Ago

2:09pm -- Ballew is going over some of the details on the June sale decline. Partially, the decline was due to a planned reduction of an additional 13,487 daily rental sale vehicles in the month. That's a good portion of the reason for a 24% reduction, but there has to be more.

2:12pm -- is GM getting better at manufacturing projections to meet customer demand? Well, seeing that GM North America produced 404,000 vehicles in June, this addition to existing inventory and a 24% reduction in Jne sales may put more pressure this summer on the automaker. For all of Q2, General Motors North America produced about 1.14 million vehicles. The breakdown of cars and trucks (and details on the subcategories within those categories) are reflected here.

2:14pm -- Ballew explains that the average promotional amount per vehicle in June was down $300 to about $700 per vehicle for the month. Ballew does say that the automaker was disappointed with June sales, but the results were not a huge surprise based on gas prices (the regular reason) and housing prices as well.

2:17pm -- Ballew completes his review of June and opens the call to a Q&A session. Here we go. First question is this: why is GM down a bit on the fleet side of sales? Ballew answers that the fleet mix was not in the most prime position based on housing issues and slowdowns for the month, but now the fleet mix is pretty stable based on all the variables that go into determining that.

2:20pm -- second question: is the industry slowing down with June being a start for this? Ballew answers that he does not see June being indicative of anything based on year-ago results that showed many of the same slowdowns along with some of the same conditions (gas and houses).

2:25pm -- next question: with June of 2006 being a bottom-feeding month as well, will the recovery that came out in the second half of 2006 happen in 2007? Ballew: the mix will return in the second half of 2007 to a normal level, unlike the 55% truck marketshare that the automaker has seen before. Ballew also says that gas relief won't really be a factor the rest of the year (no dropping in gas prices), as well as housing situations still hurting buying power for some prospective buyers.

2:27pm -- next question: full pickup pricing: Toyota has full-size pickup promo discounts of around $4,000 per truck (incentives) right now, and could go for more in the coming months. What will GM be doing to be competitive with that? Ballew: GM does not have to match pricing dollar for dollar to anybody, although GM is evaluating options to make sure customers know GM products are the best. GM is inventory constrained in many of its crossover SUVs, which is not a good thing for getting sales to increase

2:31pm -- last analyst question: was there no update to yearly projections even though June was a slow selling month? Ballew: one month does not make a quarter, and GM likes where its inventory is at this point (except for crossover SUVs I guess).

2:33pm -- first media question: the Cobalt and Aveo were off in June (smaller cars). Why? Ballew: GM has underperformed expectations in the small car segment (it knows this), even though the newer Aveo is not nearly as "aged" as the Cobalt (former Chevy Cavalier replacement).

2:37pm -- second question: inventory question: GM has 1,050,000 units in inventory right now, with 744,000 being trucks (about 2/3rds).

2:41pm -- next question: June was a tough month only for GM, but the Japanese competition posted increases. Why? June was tough month, and Ballew doesn't really give a clear answer on this other than to give some general information on information already released.

2:45pm -- last media question: was the GM incentive started in June affect June sales (measurably)? Ballew states that the program that begun was meant to "wrap around" the holiday (tomorrow, July 4th), but was not really designed for June sales, even though it began in June.

2:48pm -- that's it -- GM concludes its June call with a "Have a Happy Fourth" comment. Not a good June for GM, but will July be any better? We will see this time next month.