GM (GM) Auto Sales Rise 27% in April
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Shares of General Motors (NYSE: GM) are up 2.5 percent Tuesday following the early-morning release of the company's auto sales figures for the month of April.
The Detroit-based automaker sold a total of 232,538 vehicles during April, up 27 percent on a year-over-year basis. Sales were up 4 percent from March despite a 10 percent decrease in incentive spending.
Sales of Chevrolet brand models jumped 25 percent from the same month last year, while GMC sales rose 29 percent. The Buick and Cadillac brands saw sales rise 51 percent and 16 percent, respectively.
GM sold 25,160 of its new Cruze, the model's strongest month since launching. The company sold 493 Volt's last month.
Don Johnson, VP of GM's US Sales Operations, said, "Recently, rising fuel prices have led many to re-think their vehicle choice. Because of the investments we've made in fuel-efficiency and global product architectures, the company is well positioned to meet these needs."
In addition to the strong sales numbers, shares of GM got a boost from an upgrade at UBS. The firm raised its rating on GM from Neutral to Buy, saying the company will be the biggest beneficiary of the upcoming Japan-related inventory shortages. UBS raised its price target on GM to $42.
The Detroit-based automaker sold a total of 232,538 vehicles during April, up 27 percent on a year-over-year basis. Sales were up 4 percent from March despite a 10 percent decrease in incentive spending.
Sales of Chevrolet brand models jumped 25 percent from the same month last year, while GMC sales rose 29 percent. The Buick and Cadillac brands saw sales rise 51 percent and 16 percent, respectively.
GM sold 25,160 of its new Cruze, the model's strongest month since launching. The company sold 493 Volt's last month.
Don Johnson, VP of GM's US Sales Operations, said, "Recently, rising fuel prices have led many to re-think their vehicle choice. Because of the investments we've made in fuel-efficiency and global product architectures, the company is well positioned to meet these needs."
In addition to the strong sales numbers, shares of GM got a boost from an upgrade at UBS. The firm raised its rating on GM from Neutral to Buy, saying the company will be the biggest beneficiary of the upcoming Japan-related inventory shortages. UBS raised its price target on GM to $42.
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