June Auto Sales Better Than Expected as Incentives Push Car Buyers (GM) (F) (TM)
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The US's two major automakers are outperforming the broader stock market Tuesday afternoon as companies in the sector issued mostly-better sales results for the month of June.
General Motors (NYSE: GM) said monthly sales jumped 15.5 percent, led by strength in the Chevy Malibu. Ford (NYSE: F) said June sales were up 7 percent as the Escape posted its best month of sales ever. Chrysler sold a total of 144,811 units during the month, up 20 percent on a year-over-year basis. Elsewhere in the sector, Toyota (NYSE: TM) sales were up a worse than expected 60.3 percent and Nissan (OTC: NSANY) saw sales rise 28.2 percent.
In addition to pent-up demand, dealers said more aggressive incentives helped push monthly results higher.
GM shares are up more than 6 percent to $20.80 at last check; shares of Ford are up 2.5 percent to $9.63. Shares of Toyota are up 1 percent.
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General Motors (NYSE: GM) said monthly sales jumped 15.5 percent, led by strength in the Chevy Malibu. Ford (NYSE: F) said June sales were up 7 percent as the Escape posted its best month of sales ever. Chrysler sold a total of 144,811 units during the month, up 20 percent on a year-over-year basis. Elsewhere in the sector, Toyota (NYSE: TM) sales were up a worse than expected 60.3 percent and Nissan (OTC: NSANY) saw sales rise 28.2 percent.
In addition to pent-up demand, dealers said more aggressive incentives helped push monthly results higher.
GM shares are up more than 6 percent to $20.80 at last check; shares of Ford are up 2.5 percent to $9.63. Shares of Toyota are up 1 percent.
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