Ford's (F) January Sales Rise 25%; Toyota (TM) Stumbles Amid Recall
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Toyota Motor Corp. (NYSE: TM) showed the initial sting on Tuesday from the biggest recall in the company’s history as it reported a 16 percent drop in U.S. sales for the month of January.
On the other hand, Ford Motor Co. (NYSE: F) said that the sales rose 25 percent in January, boosted by the recovering economy and the Toyota recall and production halt in the U.S.
Car sales for Ford jumped 43 percent year-over-year, while truck and SUV sales increased 15 percent for a total of 116,534 units sold. This comes in a month when there were two fewer selling days than in the year prior.
Ford is forecasting a market share gain of about 16 percent in January, nearly two percentage points higher than the same point last year. This would mark the 15th month in the last 16 that the company has seen an increase.
Toyota is only starting to deal with the maelstrom that has resulted from the faulty gas pedals that has concerns rising from customers over the sudden acceleration of the company’s most popular models.
The sales for the embattled automaker fell in January by 19 percent for the Toyota-division vehicles, while Lexus sales increased by 5.4 percent. Total sales for the Japanese company were 98,796, the lowest mark in several years.
General Motors Co. said that its January sales increased 14 percent on the strength of crossover and fleet vehicle sales.
Rival Chrysler saw sales drop 8 percent as the sales of both cars and trucks saw similar declines.
Honda Motor Co. (NYSE: HMC) sales fell 5 percent and Korean company Kia Motors sales were relatively flat.
Nissan Motor Co. had a strong month with increased demand for its Armada, Maxima and Sentra models driving sales up 16 percent to 62.572 total units. The company also added that it expects to see “significant market-share gains.”
The car companies, which will continue to report on Tuesday, expected sales in January to rise over the same month last year when the battered economy took its toll on the auto industry.
On the other hand, Ford Motor Co. (NYSE: F) said that the sales rose 25 percent in January, boosted by the recovering economy and the Toyota recall and production halt in the U.S.
Car sales for Ford jumped 43 percent year-over-year, while truck and SUV sales increased 15 percent for a total of 116,534 units sold. This comes in a month when there were two fewer selling days than in the year prior.
Ford is forecasting a market share gain of about 16 percent in January, nearly two percentage points higher than the same point last year. This would mark the 15th month in the last 16 that the company has seen an increase.
Toyota is only starting to deal with the maelstrom that has resulted from the faulty gas pedals that has concerns rising from customers over the sudden acceleration of the company’s most popular models.
The sales for the embattled automaker fell in January by 19 percent for the Toyota-division vehicles, while Lexus sales increased by 5.4 percent. Total sales for the Japanese company were 98,796, the lowest mark in several years.
General Motors Co. said that its January sales increased 14 percent on the strength of crossover and fleet vehicle sales.
Rival Chrysler saw sales drop 8 percent as the sales of both cars and trucks saw similar declines.
Honda Motor Co. (NYSE: HMC) sales fell 5 percent and Korean company Kia Motors sales were relatively flat.
Nissan Motor Co. had a strong month with increased demand for its Armada, Maxima and Sentra models driving sales up 16 percent to 62.572 total units. The company also added that it expects to see “significant market-share gains.”
The car companies, which will continue to report on Tuesday, expected sales in January to rise over the same month last year when the battered economy took its toll on the auto industry.
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