Extending the recovery in the U.S. auto market, automakers see their deliveries in June exceeded estimates to an accelerated pace not seen in more than 5 years.
Get the facts and figures on automaker reports for June.
GM and Ford, extending the recovery in the U.S. auto market, said their deliveries in June exceeded estimates as the industry selling pace may accelerate to the fastest in 66 months.
Ford sales of cars and light trucks gained 13 percent to 234,917, beating the 12 percent increase that was the average of 11 estimates. Deliveries for Chrysler Group LLC increased 8.2 percent to 156,686 vehicles. GM sales rose 6.5 percent to 264,843, topping the 2.1 percent average estimate of 11 analysts. Toyota Motor Corp. sales rose 9.8 percent.
Americans are buying new cars and trucks at the fastest rate since 2007 as they replace the oldest vehicles ever on U.S. roads. Automakers including Chrysler and analysts said they expect pent-up demand, attractive financing offers and an improving economy will keep propelling industry sales as the Federal Reserve winds down its unprecedented easing programs.
Sales of Ford F-Series pickups surged 24 percent to 68,009, the Dearborn, Michigan-based company said in a statement. GM’s Chevrolet Silverado climbed 29 percent to 43,259. Chrysler’s Ram pickup increased 24 percent to 29,644.
GM rose 2 percent to $34.67 at 10:27 a.m. New York time, while Ford gained 2.1 percent to $16.07.
Nissan probably led all automakers with a 13 percent increase in U.S. sales, matching the average of eight estimates. The Yokohama, Japan-based company’s deliveries surged 25 percent in May, triple the industrywide increase, after cutting the price of seven models, including its top-selling Altima sedan.
Toyota sales topped the 6.2 percent of eight estimates. The Toyota City, Japan-based company sees stable rates for auto buyers in the near term, Bill Fay, group vice president for U.S. sales, said last month on Bloomberg Radio.