General Motors Reports June Sales; Customers Appear Unphased By Recalls
General Motors (NYSE: GM) shares are a favorite among investors Tuesday after the company showed that consumers are unphased by the nearly 30 million vehicle recall.
June sales results show one percent growth; analysts expected a 6.3 percent drop. This marks the best June for the automaker since 2007.
Strength was shown across GMs brands. Buick and GMC, for example, had the best June since 2006, more than a year before the recession. Chevrolet Tahoe and Suburban sales were up 93 percent and 73 percent, respectively. The Escalade led the way for Cadillac, with sales up 57 percent year-over-year.
U.S. Vice President of Sales Kurt McNeil commented that, “June was the third very strong month in a row for GM, with every brand up on a selling-day adjusted basis.”
Shares of GM were last trading at $36.75, a 1.24 percent gain. This increase in value eliminates almost all losses from Monday's selloff following the announcement of an additional 8.4 million car recall.
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