Report: June Auto Sales May Hit 66-Month High
General Motors Co. and Ford Motor Co., extending the recovery in the U.S. auto market, said their deliveries in June exceeded estimates as the industry selling pace may accelerate to the fastest in 66 months.
Bloomberg reported that Ford sales of cars and light trucks gained 13% to 234,917, beating the 12% increase that was the average of 11 estimates. Deliveries for Chrysler Group LLC increased 8.2% to 156,686 vehicles. GM sales rose 6.5 percent to 264,843, topping the 2.1 percent average estimate of 11 analysts. Toyota Motor Co. sales rose 9.8%.
Americans are buying new cars and trucks at the fastest rate since 2007 as they replace the oldest vehicles ever on U.S. roads. Automakers including Chrysler and analysts said they expect pent-up demand, attractive financing offers and an improving economy will keep propelling industry sales as the Federal Reserve winds down its unprecedented easing programs.
“The same factors are still in place: Pent-up demand is unleashing, credit is cheap and widely available, and in terms of trucks, it’s all about the economy recovering and housing starts,” Michelle Krebs, an analyst at auto researcher Edmunds.com, said in a telephone interview.
Sales of Ford F-Series pickups surged 24% to 68,009, the Dearborn, Michigan-based company said in a statement. GM’s Chevrolet Silverado climbed 29% to 43,259. Chrysler’s Ram pickup increased 24% to 29,644.
Sales for Chrysler, the third-largest U.S. automaker, have gained for 39 consecutive months. The Auburn Hills, Michigan-based automaker’s increase in June matched the average of 10 analysts’ estimates in a survey by Bloomberg News.
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