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Business Title: GM U.S. Auto Sales Climb 17%, Beating Estimates, on Demand for Chevrolets June 2 (Bloomberg) -- General Motors Co. posted a 17 percent increase in May U.S. sales, the first time the automaker topped analysts’ forecasts since January, as customers snapped up Chevrolet Equinox sport utility vehicles and Malibu sedans. Deliveries rose to 223,822 from 191,875 a year earlier, the Detroit-based automaker said today in statement. GM was expected to report a 5.9 percent increase, the average estimate of five analysts surveyed by Bloomberg. Industrywide sales may match the longest streak of gains in a decade, analysts estimated. The results show GM may be rebounding after last year’s bankruptcy. GM kept the Chevrolet, Cadillac, Buick and GMC brands in the U.S., while it sold or closed Saab, Hummer, Saturn and Pontiac as part a plan to return to sustained profitability after the government-backed restructuring. “The May results are at least a clear view of the progress of GM since the reorganization,” Jeff Schuster, executive director of J.D. Power & Associates in Troy, Michigan, said today in a telephone interview before the figures were released. “The consumer has come back to GM and the product machine is engaged, bringing out new vehicles this year and beyond.” Total sales of Chevrolet vehicles gained 31 percent from a year earlier to 167,235 vehicles, and GMC brand deliveries increased 26 percent to 30,160. Industry Sales Industrywide sales may have risen to an annualized rate of 11.2 million cars and light trucks for May, the average estimate of eight analysts. That would mark the eighth straight month of year-over-year gains, according to Bloomberg data. The seasonally adjusted sales rate may match the rate in April as Ford Motor Co., Honda Motor Co. and Nissan Motor Co. added incentives for the U.S. Memorial Day holiday weekend. The pace in May 2009 was 9.9 million. Manufacturers, dealers and investors use the annualized rate to compare monthly totals by taking into account seasonal buying patterns. Chrysler Group LLC’s sales in the month may have risen by more than 30 percent, a person familiar with the results said. The Auburn Hills, Michigan-based company is scheduled to release the figures later today. The average of five analysts’ estimates for Chrysler was a 21 percent sales gain. Ford, based in Dearborn, Michigan, may post a 16 percent increase in sales, according to analysts’ estimates. Toyota Motor Corp.’s sales may have risen 7.5 percent, according to researcher Edmunds.com. Sales at Japan’s largest automaker had a “pretty sluggish start” in May due to reduced incentives, according to a May 27 research note by Christopher Ceraso, a Credit Suisse analyst in New York. Honda Deliveries Honda, Japan’s second-largest automaker, may post a 22 percent increase in sales, according to Edmunds. Nissan, the third-largest, is projected to report an 11 percent gain, and South Korea’s Hyundai Motor Co. may show a 28 percent increase, Edmunds said. Annual U.S. deliveries averaged 16.8 million in the decade through 2007. The 2008 total was 13.2 million, and the 2009 tally of 10.4 million was the fewest in 27 years, according to industry researcher Autodata Corp. of Woodcliff Lake, New Jersey. Rebates and other discounts fell to an average of $2,603 per vehicle in May, 1.1 percent lower than in April and 12 percent less than a year earlier, according to Edmunds. GM’s average incentives for the month rose to $3,739 per vehicle from $3,301 in April and from $3,678 per vehicle a year earlier, Edmunds said. Consumer confidence in May rose to the highest level since March 2008, based on the Conference Board’s index. GM was in bankruptcy protection for 39 days starting on June 1, 2009, while Chrysler was in bankruptcy for all of May 2009. Neither of those automakers, nor Toyota, announced nationwide promotions during the Memorial Day weekend.
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#1. To: Brian S (#0)
And GM's profits from May are.....(laughing) They are doing the exact same thing that got them into bankruptcy in the first place.
For approximately 72K, BP Oil bought Owe-bama. And as President, he let them Spill, Baby, Spill! Its documented.
GM doesn't issue monthly results. And, Boof, they can't do the same behavior.
#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace
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