Major automakers on Tuesday reported higher U.S. vehicles sales for the month of March amid strong demand for new fuel efficient vehicles, an improving housing market and a strengthening economy. General Motors Co. (GM) led the list with a 6.4% year-over-year increase in March U.S. vehicles sales followed by Ford Motor Co. (F) with a 5.7% growth, while Chrysler Group LLC and Japanese automaker Toyota Motor Corp. (TM) reported 5% and 1% gains, respectively.
GM, the largest U.S. automaker, said that its March U.S. sales rose 6.4% to 245,950 vehicles from 231,052 vehicles in the same month last year. GM had its best March sales in five years.
There were 27 selling days for March 2013, compared to 28 for last year.
GM's retail sales increased 4%, while fleet sales were up 12% for the month.
For March, GM's passenger car sales fell 3%, but truck sales grew 2% and crossovers sales surged 31% from a year earlier.
Among GM's brands, Chevrolet sales inched up 0.5% to 173,859 units, while GMC sales rose 11.6% to 38,333 units, Cardillac sales surged 49.5% to 15,751 and Buick sales climbed 37.4% to 18,007 units.
Sales of GM's redesigned mid-size crossovers were up 62%. The Chevrolet Traverse was up 54%; the GMC Acadia was up 77%, and the Buick Enclave was up 55% for its best-ever March sales.
Kurt McNeil, vice president of GM's U.S. sales operations, said, "Sales of smaller cars have been robust for some time. Trucks have improved in lockstep with the housing market and the strength of the crossover market signals that America's families are more confident about their financial health."
Dearborn, Michigan-based Ford, the second largest U.S. automaker, said it sold 236,160 vehicles in the U.S. in March, up 5.7% from 223,418 vehicles sold in the same month last year. This marks Ford's best sales results since May 2007. For February, Ford had reported a 9.3% rise in U.S. vehicles sales.
Ford's car sales declined 0.2% year-over-year to 84,611 units in March, while truck sales for the month increased 6% to 83,001 units and utility vehicle sales rose 13.6% to 68,548 units.
March sales of Ford Fusion rose 6% to 30,284 units, its best monthly sales ever.Among utilities, Explorer sales jumped 32.5% to 17,509 vehicles, its best monthly sales since the current model debuted in 2010, while Escape sales surged 27.6% to an all-time monthly record of 28,934 vehicles.
Sales of Ford's F-Series truck, America's best-selling truck for 36 years in a row and America's best-selling vehicle, car or truck, for 31 straight years, rose 16.3% to 67,513 units in March, its 20th straight month of sales increases. Ford was less ravaged by the recession than most of its peers. The company also did not have to restructure with federal assistance. The automaker has reported a profit for each of its last fourteen quarters. The company has also reinstated its quarterly stock dividend. However, the automaker's profit has declined in the last three quarters due to weakness in Europe.
Chrysler Group LLC, majority-owned by Italian carmaker Fiat SpA (FIATY.PK), reported March U.S. sales of 171,606 units, a 5% increase compared with sales of 163,381 units in March last year.
This marks the 36th consecutive month of year-over-year sales gains for Chrysler, and its best monthly sales since December 2007.
Chrysler's car sales for the month rose 21% to 62,137 units, while total truck sales fell 2% to 109,469 units. The company noted that Dodge, Ram Truck and FIAT brands each posted year-over-year sales gains in March compared with the same month last year.
Toyota Motor Sales, U.S.A., Inc., a division of Toyota Motor Corp. (TM), reported March sales of 205,142 units, up 1% from a year earlier.
"The auto industry continued its string of impressive monthly results, and at Toyota we had our best month since Cash for Clunkers in August of 2009," said Bob Carter, senior vice president of automotive operations, Toyota Motor Sales, USA Inc. "A strong first-quarter close and increased consumer confidence continue to position the auto industry as a leader in the economic recovery."
GM shares are currently trading at $28.00, up 20 cents, while Ford shares are currently trading at $13.12, up 22 cents or 1.69.
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