Automakers' May U.S. Sales Top Estimates, Aided by Holiday Push - Bloomberg
General Motors Co. and Fiat Chrysler reported bigger sales increases than analysts had anticipated as Memorial Day promotions drew Americans to dealerships, signaling that the U. S. economy is gathering momentum after the winter doldrums. Fiat Chrysler Automobiles NV said U. S. sales last month rose 4 percent from a year earlier for its best May in a decade, GM’s gained 3 percent and Ford Motor Co. ’s slipped 1. 3 percent, a smaller decline than analysts projected. , Honda Motor Co. and Nissan Motor Co. also posted better-than-expected results. auto sales rose 1. 6 percent to 1. 64 million last month, according to researcher Autodata Corp. “Memorial Day sales promotions probably were very effective,” said Michelle Krebs, senior analyst with AutoTrader. The annualized pace of sales, adjusted for seasonal trends, rose to 17. 8 million, according to Autodata, from 16. 7 million a year earlier and topping estimates for a 17. 3 million rate. The biggest surge is coming in SUVs, minivans and pickups, which gained 6. 8 percent last month while traditional car sales fell 3. 7 percent. Rising Prices Average purchase prices continued to edge up in May, with Ford reporting a $2,300 increase. Fiat Chrysler vehicles sold for 3. 8 percent more than a year earlier, according to Kelley Blue Book estimates. Source: www.bloomberg.com
