Tuesday, August 14, 2012

GM, Ford report lackluster July sales

Steven Senne / AP file

2011 Chevy limousines are reflected in the grill a Chevy truck at a dealership in Norwood, Massachusetts.

By NBC News staff and wire reports
Updated at 11: 15 am ET: General Motors and Ford said Wednesday its sales slipped in July, but smaller U.S. said its revenues rival Chrysler increased by 13 percent during the month.

GM said that US sales last month fell more than 6 percent a money back-guarantee offer to attract many buyers.

The company reduced sales to rental car companies blame much of the decline from the previous year. But retail sales to individual buyers fell by 3 percent.

"It's the economy." There are around no way, "said George Magliano, senior economist with IHS automotive."

"In this kind of environment, it is very difficult for light vehicle sales traction, get" Magliano added, pointing out that the lack of jobs and confusion about government policy on tax cuts and spending tempered sales in July.

GM and Magliano forecast of annual revenues would be auto-rate between 13.80 million and 14 million in July. Average analyst forecast was 14 million.

Kurt McNeil, US Vice President of sales at General Motors, said CNBC, which provides automakers headwinds ahead for the industry, including the "hard" jobs data. But, he added, housing "has some positive signals us" and fuel prices are "in a pretty good place."

GM left behind growth in the overall market.

Ford's sales fell 4 percent in July, when it lost ground, low inventories had it as its Japanese rivals last year won.

Ford best seller, the F-series pickup truck, was flat compared to last July. Sales of small SUV escape was 12%, to the latest version for security issues was recalled.

Ford's best performer in July was the fusion sedan, which saw sales 21% climbing. The Ford Explorer SUV was 15 per cent.

But these increases could not make major reductions elsewhere. The Fiesta small car was 23 per cent and Ford Lincoln luxury brand was reduced by 11 percent.

Ford said that it was violated because on Government and rental revenues decreased in July fleets. Fleet sales by 16 percent.

Chrysler bucked the trend and said an increase of 16.2% increased its sales to 13 percent in July, and Nissan Motor Co posted, as better funding and need to catch up lured consumers into dealer of showrooms last month.

Chrysler, majority owned by Italian automaker Fiat SpA, sold 126.089 cars and trucks last month, its best July in five years.

The smallest U.S. automaker sales fell short of some analysts estimates. Chrysler, 129.453 vehicles, had Barclays Capital expects to sell, while RBC capital markets projected 127.889 had.

US car sales for Japan's Nissan rose by 16.2 percent to 98.341.

Toyota said that its monthly sales + 36.6 percent in July sale prices daily and 26.10% on basis of unadjusted raw volume.

Car monthly sales are an early indicator of US consumer demand. According to a Reuters poll of annual sales of auto-rate is likely to be seen 14 million in July about on par 41 economists with 14.10 million rate in June.

Better last month financing moved offers to consumers, which had been closed since the recession of the automotive market. That, combined with pent-up demand and increased construction investments, can offset weak consumer confidence and high unemployment, analysts said.

Reuters contributed to this report.

Kurt McNeil, VP of sales at General Motors, GM July sales figures, with Phil LeBeau of CNBC to discuss.

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