November Auto Sales Continue Upward Track
Automakers are releasing November U.S. sales figures today and the news continues to look good for most of the companies. Ford Motor Co. (NYSE: F) and Nissan both cruised past analysts' estimates for sales growth, with Ford posting a gain of 6.4% against an estimate of 2.4% growth and Nissan up 13% versus an estimate of 4.8%. Ford sold 177,092 vehicles in November.
Auto industry website Edmunds.com has forecast November sales at 1.11 million cars and light trucks in the United States, yielding a seasonally adjusted annual rate of 15 million vehicles sold for 2012, the highest total February 2008. Hurricane Sandy, which washed out October sales, will boost November sales both by attracting deferred buyers and by making sales to those who lost their cars to the superstorm.
Chrysler Group LLC, which is controlled by Italy's Fiat SpA, reported sales up 14%, which was a bit behind the analysts' estimate of 16% growth. Chrysler sold 122,565 vehicles in November.
Toyota Motor Corp. (NYSE: TM) reported total U.S. sales of 161,695 vehicles in November, up 17.2%, but slightly below an average estimate for a rise of 20%.
Honda Motor Co. (NYSE: HMC) and General Motors Co. (NYSE: GM) have not yet reported U.S. sales figures for November, but analysts have forecast a massive jump of 33% for Honda and a GM sales total touted for a gain of 7.6%.
Buyer incentives have not increased for most automakers, with the notable exception of Nissan.
Filed under: 24/7 Wall St. Wire, Autos Tagged: F, GM, HMC, TM