DETROIT: US auto sales appeared to fare better than expected in January as the industry benefited from low gasoline prices, easy credit and moderate economic growth, preliminary results showed on Tuesday.
The same trends that boosted sales in 2015 helped blunt the challenges of two fewer selling days and a massive East Coast snowstorm.
Ford Motor Co's U.S. sales chief, Mark LaNeve, said the last five days of January were strong, helping overcome the snowstorm's effects. But he said the storm had pressured Ford's sales, which fell 2.6 percent.
General Motors Co, said it expected overall U.S. January sales of 17.5 million vehicles on a seasonally adjusted annualized basis, compared with 17.4 million forecast in a Thomson Reuters poll of 27 economists.
GM, the top-seller in the U.S. market, said its sales were up 0.5 percent.
Toyota Motor Corp, No. 3 in the U.S. market, showed sales down 4.7 percent, led by an 11 percent drop for car sales while its sport-utility vehicles, crossovers and trucks gained slightly.
Results of all six of the top-selling automakers in the U.S. market topped expectations of forecasters polled by Reuters.
Fiat Chrysler Automobiles showed sales up 7 percent, its 70th straight month of year-over-year increases. Honda Motor Co sales fell 1.7 percent, and Nissan Motor Co reported sales up 1.6 percent.
January sales had been forecast to decline as much as 5 percent industrywide. The month now looks poised to show a strong start of what is expected to be a second straight record year.
Still, auto company shares remain pressured as many Wall Street investors say the cyclical industry will soon plateau, ahead of a decline in several years.
GM and Fiat Chrysler shares traded in New York were down 3.7 percent at midday, and Ford shares were down 4.1 percent. The wider S&P Index was down 1.6 percent.
U.S. sales hit a record 17.39 million in 2015, according to WardsAuto, which provides data the U.S. government uses for economic analysis.
Sales of Ford's F-Series pickup trucks fell 5 percent.
Sales of GM's Chevy Silverado and Fiat Chrysler's Ram both rose 5 percent. Each truck is its manufacturer's best-selling model for the U.S. market.
Volkswagen AG VW brand sales fell 14.6 percent as it continues to be affected by its diesel emissions scandal.
Comments
Comments are closed.