GM US Dec sales up, industry on upswing into 2011
General Motors Co posted a 7.5% rise in December US auto sales and said it expects the industry to report sales at a 13 million-vehicle annualized rate for last month -- far higher than many forecasts and what would be the highest rate of 2010.
January 05, 2011 / 09:09 IST
General Motors Co posted a 7.5% rise in December US auto sales and said it expects the industry to report sales at a 13 million-vehicle annualized rate for last month -- far higher than many forecasts and what would be the highest rate of 2010.
GM said sales rose 16% in its four remaining US brands in December from a year earlier, led by percentage gains in Buick and GMC. Retail sales to consumers jumped in the month and it reduced sales to rental car companies.GM said results were led by a 42% jump in sales of its crossovers in December from a year earlier. The automaker also sold 29% more full-sized pickup trucks, most of those 2011 model-year vehicles that command higher prices.A year after its 2009 bankruptcy, and less than two months after its largest-ever IPO, GM remains the top-selling automaker in the United States. GM's US sales rose 6.3% to 2.2 million in 2010 from the prior year.Economists surveyed by Reuters expect automakers to report sales at a 12.3 million vehicle annualized rate in December, which would be the third consecutive month above the 12 million-unit annualized rate followed by economists.GM shares were up 1.3% at USD 37.54 on the New York Stock Exchange on Tuesday morning.Ford Motor Co, Toyota Motor Corp, Honda Motor Co, Chrysler Group LLC and Nissan Motor Co are expected to report US sales results later on Tuesday.Toyota is expected to be the only top-selling automaker to report a US sales decline for December. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
