US Economy | US auto sales on track for best June since 2005 as economy improves

US auto sales on track for best June since 2005 as economy improves

July 1, 2016 1:38 PM (UTC+8)

 

(Reuters) – Robust sales of pickup trucks and SUVs put the U.S. auto industry on track to record its best June in more than a decade despite a dip in sales at General Motors.

Ford Motor Co said on Friday that its U.S. sales rose 6.4 percent to 240,109 vehicles in June, helped by strong consumer demand for its trucks.

“Consumer demand for Ford SUVs also continues to surge to all-time highs,” Ford Vice President Mark LaNeve said.

General Motors, the biggest U.S. automaker, said its sales fell 1.6 percent to 255,210 vehicles due to lower sales of Buick and GMC vehicles.

However, GM Chief Economist Mustafa Mohatarem said historically low interest rates, stable fuel prices, rising wages and near-full employment would drive strong auto sales in the second half of the year.

Fiat Chrysler Automobiles said June sales rose 7 percent to 197,073, driven by its Jeep brand.

Nissan Group sales rose 13 percent to 140,553, led by higher demand for its Frontier pickups and Rogue crossover SUVs.

Marketing research firm J.D. Power and LMC Automotive has said it expects U.S. light vehicle sales for June to rise 5 percent to 1.55 million.

There was one extra selling day in June compared with a year earlier.

However, J.D. Power, unlike Edmunds.com, does not expect sales in 2016 to break the record of 17.47 million set last year.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Don Sebastian)

Comments