U.S. Auto Sales Show Growth Across the Board in Nov.; Small Cars Bolster Gains (F) (GM) (TM)
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Automakers are mixed on the session following updates on November sales results issued earlier by most of the big names.
Ford (NYSE: F) came out swinging after reporting a 6.5 percent increase in light truck and passenger car sales for the month. The Street was expecting a gain of just 2.4 percent. Unsurprisingly, Ford sold more smaller autos in the month as its Fiesta and Focus continued to garner consumer interest and many remained wary of rising fuel prices on the horizon. Small car sales rose 76 percent in the period for Ford.
General Motors (NYSE: GM) said U.S. sales rose 3.4 percent for the month, about half of consensus expectations. Retail sales were flat from last year, with fleet sales driving hard with a 16 percent gain. Small car sales at GM rose just 27 percent for the Chevrolet Cruze, a 33 percent increase for the Chevrolet Volt and a 12 percent increase for the Chevrolet Sonic. Large pickup sales gained 8 percent, versus an 18 percent jump for Ford.
Toyota (NYSE: TM) reported a 17.2 percent gain, versus expectations of a 20 percent increase.
Chrysler's sales improved 14 percent, making it that best November for the automaker since 2007. The Street was looking for a gain of 16 percent, but the result puts it atop the podium amongst its larger peers.
Hyundai's U.S. sales popped 8 percent, the best November for the brand ever.
Volkswagen's (OTCBB: VLKAY) American segment saw sales jump 29.3 percent.
November results come on the back of Hurricane Sandy, which swept through the Northeast at the end of October. Edmunds.com estimates that 250,000 vehicles were damaged in the storm, with new automobile replacement expectations expected at 65,000 to 80,000 units, according to market data.
Ford (NYSE: F) came out swinging after reporting a 6.5 percent increase in light truck and passenger car sales for the month. The Street was expecting a gain of just 2.4 percent. Unsurprisingly, Ford sold more smaller autos in the month as its Fiesta and Focus continued to garner consumer interest and many remained wary of rising fuel prices on the horizon. Small car sales rose 76 percent in the period for Ford.
General Motors (NYSE: GM) said U.S. sales rose 3.4 percent for the month, about half of consensus expectations. Retail sales were flat from last year, with fleet sales driving hard with a 16 percent gain. Small car sales at GM rose just 27 percent for the Chevrolet Cruze, a 33 percent increase for the Chevrolet Volt and a 12 percent increase for the Chevrolet Sonic. Large pickup sales gained 8 percent, versus an 18 percent jump for Ford.
Toyota (NYSE: TM) reported a 17.2 percent gain, versus expectations of a 20 percent increase.
Chrysler's sales improved 14 percent, making it that best November for the automaker since 2007. The Street was looking for a gain of 16 percent, but the result puts it atop the podium amongst its larger peers.
Hyundai's U.S. sales popped 8 percent, the best November for the brand ever.
Volkswagen's (OTCBB: VLKAY) American segment saw sales jump 29.3 percent.
November results come on the back of Hurricane Sandy, which swept through the Northeast at the end of October. Edmunds.com estimates that 250,000 vehicles were damaged in the storm, with new automobile replacement expectations expected at 65,000 to 80,000 units, according to market data.
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