Auto Stocks Responding Positively To September Sales Figures, Increased TrueCar Forecast

Stocks in the auto sector were performing strongly Thursday morning, buoyed by news of better-than-expected monthly retail sales and data out of TrueCar Inc TRUE, which supported an increased 2015 sales forecast.

Also impacting the group, General Motors Company GM unveiled a wide-stretching global refresh plan aimed at satisfying a consumer trends toward "personal mobility." GM also outlined plans to strengthen its core business through initiatives, which could help the automaker save about $5.5 billion over the next three years.

Related Link: GM Reveals Personal Mobility Plan; Barra Sees Chance To Be 'Disruptor'

Ford Motor Company F appeared to be the big winner in September, reporting a monthly sales increase of 23 percent. Non-US manufacturers Nissan NSANY and Toyota Motor Corp (ADR) TM followed closely behind, boasting growth of 18 percent and 16.2 percent, respectively.

Monthly sales growth elsewhere in the sector:

  • Fiat Chrysler Automobiles NV FCAU - 14 percent
  • Honda Motors HMC - 13.1 percent
  • General Motors - 12 percent
  • Volkswagen AG (ADR) VLKAY - 0.6 percent

TrueCar, citing a "robust" September, lifted its annual sales forecast from about 17.2 million units to 17.4 million units. The provider of auto-related analytics said "sales growth in the remaining months of 2015 is poised to remain vigorous."

Nissan shares were leading the sector higher Thursday, trading up more than 2 percent to around $18.99. Shares of GM, given its refresh plan, were up about 1.1 percent, while Ford shares were trading about flat. Fiat Chrysler shares last traded at $13.28, up about 0.6 percent.

Posted In: NewsRetail SalesIntraday Updateauto sales
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