For the month of June, the light-vehicle sales in the U.S. increased by 22% amid the economic recovery and the consumers’ move to replace aging cars and light trucks. Toyota and Honda have aided in the increase of these sales. Other factors that contributed to the increase are the introduction of new models and the drop in gasoline prices.
Last month, automakers were able to sell 1.29 million cars and light vehicles. Forecasts were exceeded as the seasonally adjusted annual sales rate bounced back from the 13.8 million last May to reach 14.1 million in June. Sales of Toyota Motor Corp. rose by 60% while those of Honda Motor Co. increased by 49%, demonstrating an impressive recovery after the environmental disaster last year in Japan.
Bob Carter, general manager of Toyota Motor Sales, said that the stability in the automotive market is likely to continue in the second half of 2012 due to pent-up demand, low interest rates and an unrelenting flood of new products.
General Motors gained from the 30% rise in crossover deliveries and increasing fleet sales and had posted a 16% increase—its widest increase within the last nine months. Nissan Motor Co. rose by 28% while Chrysler Group increased by 20% -- its 13th consecutive month with a gain of at least that level.
Ford’s sales in June increased by 7%. Kurt McNeil, vice president of U.S. sales for GM, said that the combination of new products, available credit, a drop in fuel prices and modest economic growth influenced consumer behaviour more strongly than the uncertainties in the economic and politics.
Bloomberg surveyed analysts who expected light-vehicle sales in June to have a seasonally adjusted annualized rate of 13.8 million. Before the decline in May, the 2012 annualized rate of sales had recorded an average of 14.5 million through April. The annualized sales rate in June 2011 was 11.6 million.