For a few weeks, Ford Motor Co. (NYSE: F) seemed to be on a roll. First, it was announced that a study found new Ford vehicles in a statistical tie with Honda Motor Co. (NYSE: HMC) vehicles for best in initial quality.

Then, Ford announced a shocking first quarter profit of $100 million compared to a loss of $282 million for the same period last year. CEO Alan Mulally’s turnaround plan for the company - heavy cost reductions, such as cutting expensive North American jobs, combined with new vehicle models - was hailed as a success by many, including billionaire Kirk Kerkorian who announced he had amassed a 4.7% stake in the company.

The sum of these announcements led to a very good two weeks for Ford stock, but many investors seemed to be forgetting the harsh big picture: in a slowing economy with record-high fuel price, Ford continues to rely on expensive trucks and SUVs for its profits. Not only that, but the economical models it does have are still considered far inferior in long-term quality to Japanese automakers' Honda and Toyota Motor Corp. (NYSE: TM), which contributes to the continued erosion of Ford's U.S. market share.

Well, Thursday Ford share got a dose of reality when it was announced that light truck sales fell 18.1% in April compared to last year. Unfortunately for Ford, there is no reason to predict this trend ending any time soon.

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