General Motors Co. (GM), Ford Motor Co. (F), Chrysler Group LLC reported December vehicle sales that beat analysts’ estimates, capping the U.S. auto industry’s best year since 2008. Auto sales increased as consumer confidence reached an eight-month high in December, and carmakers aired holiday ads and continued promotions begun in late November. The U.S. automakers rallied in 2011, two years after GM and Chrysler emerged from U.S.-backed bankruptcies. Also during the year, GM reclaimed the top spot in world vehicle sales from Toyota Motor Corp., and automakers announced plans to hire or rehire at least 25,000 workers in the U.S. by 2015.
“There is just a tremendous amount of pent-up demand,” Rebecca Lindland, an analyst with IHS Automotive, said today.
GM’s December vehicle sales rose 4.5 percent to 234,351, topping the average 4.4 percent gain of eight estimates. Ford’s December light-vehicle deliveries rose 10 percent to 209,447, exceeding the average estimate for a 7.7 percent gain. Chrysler’s December sales jumped 37 percent to 138,019 cars and light trucks, more than the average 33 percent analyst gain. Nissan (7201) Motor Co. also exceeded estimates.
