Auto Industry Revving Up With Continued Increase in Sales
The auto industry as a whole has posted surprisingly high numbers for the month of November. GM (NYSE:GM), Chrysler, Toyota (NYSE:TM), Ford (NYSE:F) and Nissan all enjoyed increased sales while only Honda lagged behind. Total auto deliveries were up 13.9% from last November.
GM’s success was mainly due to large increases in its Silverado, Sierra and Cruze models. MarketWatch quoted GM’s (NYSE:GM) head of U.S. sales operations, Don Johnson, who said, “We are seeing a broad spectrum of customers return to the market. Truck sales showed a very solid increase, as we expected, but the momentum building behind our most fuel-efficient vehicles was even stronger.”
Ford (NYSE:F) reported a 20% increase in retail sales. Ken Czubay, head of Ford’s U.S. sales division said, “The industry sales rate has exceeded 13 million in each of the last three months. This suggests the current momentum is not an aberration. We believe replacement demand will continue to support stronger levels in 2012, and Ford is ready to meet that demand with high-quality, fuel-efficient cars, utilities and trucks,” as quoted by MarketWatch.
Chrysler took the cake posting a 45% increase in sales marking the twentieth consecutive month of year-over-year increases. November marks the sixth month of at least 20% year-over-year improvements.
Foreign auto makers also enjoyed improved sales this month with Toyota (NYSE:TM) up 6.7% and Nissan up 19%. Honda was the lone dark spot in the industry with a 6.4% drop.