Automakers' shareholder returns dipped 2.9 percent in the first quarter this year, and each of the Big 3 shared in the decline.
"They continue to lose share, and overcapacity is in place," Mike Burwell, a partner with PricewaterhouseCoopers, says of the Big 3. "More flat growth and maintaining market share is the mantra of North American manufacturers."
In the quarter that ended March 31, DaimlerChrysler AG fell 10.5 percent, General Motors dropped 10.9 percent, and Ford Motor Co. slipped 14.6 percent.
Volkswagen AG gave shareholders the worst return, sliding 21.5 percent. The company's margins have declined significantly since 2001, said Dave Hiemstra, a senior associate at PricewaterhouseCoopers. "Wall Street is not confident a turnaround is near."
All 14 global vehicle manufacturers posted positive one-year returns. Fiat turned in the lowest among them, up 20.7 percent. Fiat also provided the worst three-year return, down 62.4 percent.
Hyundai Motor Co. continued to lead automakers with the best returns in all three periods.
Hyundai's return was 7.0 percent in the first quarter, 147.3 percent for the 12 months and 251.7 percent for the three years.
Hyundai continues to grab market share, but Burwell cautions that should be considered in the context of the company's small size.