Toyota, GM U.S. Sales Match Ford, Chrysler Growth as Concerns Mount
Following the path set out earlier by Ford Motor Co. (NYSE: F) and Chrysler Group LLC, General Motors Co. (NYSE: GM) and Toyota Motor Corp. (NYSE: TM) posted U.S. sales gains in February that did not quite come close to matching the double-digit gains the companies put up in January. Ford sales were up 9% compared with a 22% jump in January and Chrysler sales were up 4% versus 16% in January. Toyota posted a year-over-year U.S. sales gain in February of 4.3% compared with a 27% growth spurt in January and GM's February sales rose 7% compared to February 2012 sales, far below the 16% growth seen in January.
GM said it sold 224.314 vehicles in the U.S last month, with Cadillac sales up 20% to 13,845 units and Buick model sales up 15% to 16,150. GM's Chevrolet badge accounted for sales totaling 158,541, up nearly 5% over February 2012..
Toyota's sales totaled 166,377 in the U.S. in February, up 4.3% year-over-year. Toyota posted 2012 global sales of 9.75 million vehicles, a company record and enough for Toyota to pass GM as the world's best-selling carmaker.
German automaker Volkswagen AG reported that February U.S. sales grew by just 2.9%, compared with jump of 7% in January.
Sales in the first two months of 2013 have continued growing, but there is plenty of uncertainty about the effects of government spending cuts not only on employment but also on consumer confidence. Automakers may also begin to feel a pinch in margins as incentives are increased in order to attract buyers.
Filed under: 24/7 Wall St. Wire, Autos Tagged: F, featured, GM, TM