GM posts 5% gain; Ford, Kia rise as industry shows spark
General Motor Co.'s U.S. sales rose for the first time in 21 months in October and most big automakers also gained, supporting analysts' forecasts for the strongest month this year not aided by government incentives.
GM advanced 5 percent and Ford Motor Co. 3 percent. Among Asian automakers, Nissan North America climbed 6 percent, Toyota Motor Sales gained less than 1 percent and Kia soared 45 percent. Subaru, Daimler AG and Porsche were all up.
General Motor Co.'s U.S. sales rose for the first time in 21 months in October and most big automakers also gained, supporting analysts' forecasts for the strongest month this year not aided by government incentives.
GM advanced 5 percent and Ford Motor Co. 3 percent. Among Asian automakers, Nissan North America climbed 6 percent, Toyota Motor Sales gained less than 1 percent and Kia soared 45 percent. Subaru, Daimler AG and Porsche were all up.
Chrysler Group, meanwhile, plunged 30 percent as it continued to struggle after its bankruptcy. Audi, Mazda and American Honda also declined. Suzuki was down 50 percent, while BMW Group trailed year-earlier sales by 19 percent.
With three automakers left to report, industrywide sales had slipped 2 percent from October 2008. That would be the slimmest decline this year.
The results show automakers benefiting from year-earlier comparisons, after the collapse of Lehman Brothers sent the U.S. economy into a deeper tailspin. Industry sales fell 32 percent last October, dragging the seasonally adjusted annual sales rate below 11 million for the first time since 1983.
Still, last month's adjusted rate was projected to reach 10.3 million units, according to an average of analysts surveyed by Bloomberg News. That would put the industry above 9.9 million for the first time this year except for July and August, when demand was lifted by the federal government's cash-for-clunkers program.
"October rebounded nicely from September's post-clunker level," said George Pipas, Ford's chief sales analyst. He forecast industrywide light-vehicle sales in the low-10-million SAAR range.
Source: GM posts 5% gain; Ford, Kia rise as industry shows spark
GM advanced 5 percent and Ford Motor Co. 3 percent. Among Asian automakers, Nissan North America climbed 6 percent, Toyota Motor Sales gained less than 1 percent and Kia soared 45 percent. Subaru, Daimler AG and Porsche were all up.
General Motor Co.'s U.S. sales rose for the first time in 21 months in October and most big automakers also gained, supporting analysts' forecasts for the strongest month this year not aided by government incentives.
GM advanced 5 percent and Ford Motor Co. 3 percent. Among Asian automakers, Nissan North America climbed 6 percent, Toyota Motor Sales gained less than 1 percent and Kia soared 45 percent. Subaru, Daimler AG and Porsche were all up.
Chrysler Group, meanwhile, plunged 30 percent as it continued to struggle after its bankruptcy. Audi, Mazda and American Honda also declined. Suzuki was down 50 percent, while BMW Group trailed year-earlier sales by 19 percent.
With three automakers left to report, industrywide sales had slipped 2 percent from October 2008. That would be the slimmest decline this year.
The results show automakers benefiting from year-earlier comparisons, after the collapse of Lehman Brothers sent the U.S. economy into a deeper tailspin. Industry sales fell 32 percent last October, dragging the seasonally adjusted annual sales rate below 11 million for the first time since 1983.
Still, last month's adjusted rate was projected to reach 10.3 million units, according to an average of analysts surveyed by Bloomberg News. That would put the industry above 9.9 million for the first time this year except for July and August, when demand was lifted by the federal government's cash-for-clunkers program.
"October rebounded nicely from September's post-clunker level," said George Pipas, Ford's chief sales analyst. He forecast industrywide light-vehicle sales in the low-10-million SAAR range.
Source: GM posts 5% gain; Ford, Kia rise as industry shows spark
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