06-02-2009, 03:57 PM
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#1
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Scooby Guru
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Ford sales highest since July '08
GM and Chrysler posted lower than expected drops too. A bit of good news?
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Ford: Ford Motor Co. reported Tuesday its U.S. auto sales were the highest since July 2008, even as sales fell 24.3% from last year.
Ford (F, Fortune 500)'s year-over-year sales drop was a narrower than analysts' forecast of a 28.5% drop and much improved over the 32% retreat in April.
Despite flailing competitors, the company said it believed the sales improvement from April to May had more to do with increasing consumer demand than turmoil at GM and Chrysler. Accordingly, Ford said it will begin to raise its production as the company sees sales beginning to pick up.
Though Ford's car models fell by 25.5%, sales of its mid-sized Fusion model were actually up 9.4% last month, the only Ford brand model that rose from last year. Crossover SUV sales dropped 9%, and traditional SUV sales tanked 37.4%. Overall, Ford truck sales fell 23.4%.
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General Motors: GM (GMGMQ) said total car and light truck sales fell 29% compared to a year earlier. That was a much narrower decline than the Edmunds.com analysts' forecast of a 36.9% drop and better than the 33% retreat in April.
"May results really do reflect consumer confidence about GM's long term viability across the globe,"said Mike DiGiovanni, head of market research at GM. "May was a good sign, because of all the press we've had to deal with, and the positive sales results give us a good foundation to build on as we reinvent the company."
The May numbers were unadjusted for the extra day this year.
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Chrysler: Chrysler, which entered bankruptcy on April 30, also reported better than expected sales in May.
Sales tumbled 47% from May 2008, better than the 53.9% drop forecasted by analysts. Like its rivals, Chrysler also reported the best retail sales of 2009.
"We are pleased that consumers responded to Chrysler's reorganization by purchasing our products," said Jim Press, Chrysler president, in a statement. "The uncertainty that has been surrounding Chrysler for the last few months is coming to an end, and a vibrant, new company is beginning to take shape."
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Toyota: Japanese automaker Toyota Motor Corp. said its May sales tanked 40.7% from May 2008, slightly worse than analysts' expectation of a 40.6% decline.
Ford's domestic brands outpaced Toyota's (TM) for the second straight month, making it the second-largest automaker in terms of monthly U.S. sales behind GM.
Still, Toyota, like Ford and GM, reported its highest monthly sales total of 2009. The company cited a "big jump" in consumer confidence in May for the improved month-over-month results.
"We're encouraged that consumers are beginning to return to showrooms and that the industry continues to show signs of stabilization," "said Don Esmond, Toyota's senior vice president of automotive operations, in a statement.
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Also Tuesday, rival Japanese automaker Nissan reported May sales fell 33.1%, better than the 35.1% analysts expected. And Honda Motor Co. (HMC) reported sales dropped 41.5% in May, slightly worse than the 39.3% forecasted by analysts.
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http://money.cnn.com/2009/06/02/news...ales/index.htm
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