DETROIT: US auto sales growth slowed a bit in July, with healthy gains from some manufacturers falling short of expectations, according to early returns from the major carmakers yesterday.
Ford Motor Co reported a gain of 10 percent to 212,236 vehicles, slightly beating the analysts’ average estimate of 9 percent. General Motors Co said July sales were up 9 percent at 256,160, missing expectations of 11 percent. Shares of both companies were up less than 1 percent in early trading.
Nissan Motor Co and Chrysler Group LLC also failed to sell as many cars and trucks in July as analysts had expected.
Nine analysts surveyed expect an 11 percent increase in sales for the industry in July. Growth is expected to show a slight dip to a 16.7 million annualised rate from 17 million in June, according to economists polled.
Average transaction prices in July remained firm, averaging $32,556 per vehicle, according to research firm Kelley Blue Book.
Chrysler sales rose 20 percent to 167,667 vehicles in July, its best posting for that month since 2005. Ford also said its sales were its highest in July in eight years.
Sales growth of full-size pickup trucks, a bellwether for the US economy, slowed in July.
Ford’s best-selling F-Series pickup rose 5 percent to 63,240. Sales of the full-size Chevrolet Silverado pickup were flat at 42,097, while the GMC Sierra was up 5 percent to 17,488. Chrysler’s Ram pickup climbed 14 percent to 35,621. Gains in US auto sales have been stronger than the overall economy since the recession.
Reuters
