US automakers enjoy larger November sales

On the road again, goin’ places that I’ve never been.

All three U.S. automakers saw their sales increase in November, helped by higher incentive spending headed into the holiday selling season. General Motors’ sales increased by 6.9% driven by improvements in Chevrolet and GMC sales. It sold 180,402 vehicles in November, up from 168,739 a year earlier. Truck sales were up 25% from the prior year whole crossover sales dropped 9%.

President of U.S. Sales, Don Johnson, commented, “Truck sales showed a very solid increase, as we expected, but the momentum building behind our most fuel efficient vehicles was even stronger.” Ford Motor’s sales increased 13% from 2010 to 166,865 with double digit gains for the Fiesta, Fusion, Escape, Explorer, F-Series trucks, Econoline vans and Ranger.

Ken Czubay, VP Marketing, Sales and Service said, “With gasoline prices continuing to track higher than last year, consumers continue to value fuel economy – no matter what size or kind of vehicle best meets their needs.”

Lastly, Chrysler said its U.S. auto sales rose 45% in November, as car sale more than doubled and truck sales saw a double-digit improvement. Regarding incentive spending, Edmunds.com said the industry spent an average of $2,253 for each vehicle sold, up from $2,155 in October. GM reported the larges sequential increase, spending 8.9% more than it did in October, while Ford spent an additional 4.9%. Chrysler was able to build its numbers without spending more, seeing incentive spending fall by 7.5% in the month.

General Motors (GM : NYSE : US$21.00), Net Change: -0.29, % Change: -1.36%, Volume: 11,166,018
Ford Motor (F : NYSE : US$10.59), Net Change: -0.01, % Change: -0.09%, Volume: 57,529,537

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx

About the Author

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome