Automakers In Top Gear As November Sales Accelerate
Automakers are truly in the fast lane, as is evident from the monthly sales results reported for November by companies within the space. Easy credit terms, heavy promotions, two extra selling days this year, benign gas prices and buoyant consumer confidence have all served to work in unison to keep auto sales elevated in recent months.
Forecasts released by Edmunds.com showed the total vehicle sales in the United States is set to come in at a seasonally adjusted annual rate of 17.6 million units in November, unchanged from October.
U.S. Automaker Numbers
Among the U.S. automakers, Ford Motor Company (NYSE: F) reported its overall sales rose 5 percent year-over-year to 197,575 units in November. A 10 percent increase in retail sales helped to offset a 9 percent drop in fleet sales.
General Motors Company (NYSE: GM) said it sold 197,609 vehicles in November to individual or retail customers in the United States, a 8 percent increase year-over-year. The company attributed the strong numbers to retail sales gains in Chevrolet, Buick, GMC and Cadillac. The company claimed that its U.S. retail market share, with a 0.3 percentage point increase to 16.8 percent, is now at the highest level since 2009.
However, Fiat Chrysler Automobiles NV (NYSE: FCAU), which completes the Big Three, saw a 14 percent decline in sales to 187,731 units in November. Retail sales, accounting for 79 percent of the total sales, fell 2 percent and fleet sales plummeted 42 percent.
Toyota Motor Corp (ADR) (NYSE: TM) lived up to the performance of its U.S. peers with a 4.3 percent increase in sales to 197,645 units in November. On a daily selling rate basis, sales were down 4.1 percent, as the current year had two additional selling days. Luxury utility vehicle sales as well as light truck sales rose solidly.
Nissan Motor Co Ltd (ADR) (OTC: NSANY)'s U.S. sales climbed 7.5 percent to 115,136 units, which is a record number for November. Truck sales climbed 22.2 percent, helping to offset a 5.5 percent drop in car sales.
Honda Motor Co Ltd (ADR) (NYSE: HMC) snapped a three-month losing streak by reporting a 6.5 percent increase in sales in November. Spearheading the performance was a 7.9 percent rise in sales of the Honda division, which helped to offset a 5.1 percent drop in Acura sales.
At Last Check
- Fiat Chrysler up 0.46 percent at $7.70.
- Ford was up 6.19 percent at $12.70.
- General Motors was gaining 5.52 percent to $36.44.
- Honda Motor was adding 0.20 percent at $29.80.
- Nissan Motor was gaining 0.47 percent at $18.88.
- Toyota Motor was down 0.30 percent at $118.17.
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