DETROIT: General Motors Co, the largest US automaker, posted a small gain in September US sales as demand for passenger cars offset a drop in pickup trucks, while Japanese automaker Toyota Motor Corp reported a large sales increase.
The annual auto sales pace in September was on track to hit 14.6 million vehicles, J.P. Morgan said.
That is slightly higher than the 14.5 million estimate from GM and analysts.
US auto sales for September are on track to increase about 12 per cent from a year ago, surpassing analyst expectations, on the strength of foreign automakers, including Toyota.
Attractive financing and pent-up demand have helped fuel sales gains this year.
GM and US rival Ford Motor Co said sales of cars including the Chevrolet Cruze and the Ford Focus were strong as gasoline prices rose last month. Sales of GM's mini, small and compact cars nearly doubled, while Ford's small car sales rose 73 per cent.
But both automakers said pickup truck sales in September, when those sales typically strengthen, were softer than in years past.
Both GM and Ford said trucks made up about 12 per cent of sales last month, down from 13 per cent in September 2011.
"There has been a fundamental shift of truck to car that we've been seeing for the past few years," said Chevrolet's sales chief, Don Johnson, adding that September's results represented a continuation of that trend.
"Consumers, because of the price of fuel, have definitely shifted over the last couple of years to a stronger mix on the car side," he said.
GM sold 210,245 cars and trucks last month, up 1.5 per cent from a year earlier. That represents a slowdown from GM's 3.4 per cent growth during the first nine months of this year.
Ford sold 174,976 cars and trucks last month, on par with its results from a year ago as retail sales to consumers rose 4 per cent.
The No. 2 US automaker's sales increased 5.4 per cent during the first nine months of the year. Ford shares were down 1.7 per cent at $9.76 and GM shares were up 2.5 per cent at $23.67 around midday on Tuesday on the New York Stock Exchange.
indiatimes.com
The annual auto sales pace in September was on track to hit 14.6 million vehicles, J.P. Morgan said.
That is slightly higher than the 14.5 million estimate from GM and analysts.
US auto sales for September are on track to increase about 12 per cent from a year ago, surpassing analyst expectations, on the strength of foreign automakers, including Toyota.
Attractive financing and pent-up demand have helped fuel sales gains this year.
GM and US rival Ford Motor Co said sales of cars including the Chevrolet Cruze and the Ford Focus were strong as gasoline prices rose last month. Sales of GM's mini, small and compact cars nearly doubled, while Ford's small car sales rose 73 per cent.
But both automakers said pickup truck sales in September, when those sales typically strengthen, were softer than in years past.
Both GM and Ford said trucks made up about 12 per cent of sales last month, down from 13 per cent in September 2011.
"There has been a fundamental shift of truck to car that we've been seeing for the past few years," said Chevrolet's sales chief, Don Johnson, adding that September's results represented a continuation of that trend.
"Consumers, because of the price of fuel, have definitely shifted over the last couple of years to a stronger mix on the car side," he said.
GM sold 210,245 cars and trucks last month, up 1.5 per cent from a year earlier. That represents a slowdown from GM's 3.4 per cent growth during the first nine months of this year.
Ford sold 174,976 cars and trucks last month, on par with its results from a year ago as retail sales to consumers rose 4 per cent.
The No. 2 US automaker's sales increased 5.4 per cent during the first nine months of the year. Ford shares were down 1.7 per cent at $9.76 and GM shares were up 2.5 per cent at $23.67 around midday on Tuesday on the New York Stock Exchange.
indiatimes.com
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