Car manufacturers such as General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), and Toyota Motor Corporation (ADR) (NYSE:TM) (TYO:7203) reported outstanding sales performance in the United States in August.
Car sales gains better than analyst expectations
According to Bloomberg, the car makers’ sales gains are better than the expectations of analysts for the month and are the highest in the history of the auto industry over the past six years.
General Motors Company (NYSE:GM) said its retail sales for the month increased by 22 percent and its dealers delivered 275,847 vehicles, an increase of 15 percent compared to last year. According to the company, the sales of its Cadillac brand increased by 38 percent, Buick up by 37 percent, GMC climbed by 14 percent, and Chevrolet surged by 10 percent.
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Kurt McNeil, vice president of U.S. sales operations at General Motors Company (NYSE:GM) said, “The second quarter of 2013 is off to a solid start for GM and our model-year change over and new product launches are going smoothly.” McNeil added that the company feels good about the direction of the U.S. economy.
Ford Motor car sales
Ford Motor Company (NYSE:F) posted a 20 percent retail sales increase in the United States for the month, its best sales performance since 2006. According to the automaker, the retail sales of its Fusion brand increased by 63 percent, F-series up by 22 percent, Lincolm MKZ climbed by 10 percent.
Ken Czubay, vice president of U.S. marketing, sales, and services at Ford Motor Company (NYSE:F) said the company’s small cars and hybrids continue to outperform the market in the coastal regions of the United States. According to Czubay, “Ford brand retail small car sales are growing at more than three times the rate of U.S. small car industry.”
Toyota Motors sales
Meanwhile, Toyota Motor Corporation (ADR) (NYSE:TM) (TYO:7203) sold 231,537 vehicles in August, an increase of 18.4 percent on a daily selling rate basis. The company’s division group vice president and general manager, Bill Fray said, “The auto industry continues to be a bright spot in the economic recovery. August capped a great summer for new vehicle sales, and it was Toyota’s best month in more than five years.”
Other automakers, including Fiat SpA (OTCMKTS:FIATY) (BIT:F), which owns Chrysler, reported a sales increase of 12 percent, while Nissan Motor Co., Ltd (TYO:7201) (OTCMKTS:NSANY) achieved a 22 percent sales increase in August.
Based on data compiled by Bloomberg, analysts estimate that car and light truck sales in the United States increased by 14 percent in August to 1.47 million units. The auto industry’s annual sales rate, adjusted for seasonal trends, went up from 14.5 million last year to 15.8 million based on the average estimate of analysts.