Edmunds.com predicted new auto sales in the U.S. would jump 11%
in June from the prior year, as gains from Detroit's Big Three and
Nissan Motor Co. (NSANY, 7201.TO) should offset declines from
Japan's other top manufacturers.
Japanese auto makers Toyota Motor Corp. (TM, 7203.TO) and Honda
Motor Co. (HMC, 7267.TO) continue to be stung by inventory
shortages in the wake of an earthquake and tsunami that struck
Japan in March. Honda's sales are seen dropping 17%, while Toyota's
decline is projected to be 15%.
Nissan earlier Thursday said that the disaster wouldn't be
disruptive enough to prevent its global vehicle sales from growing
this fiscal year. It was the only top Japanese car maker to report
improved earnings for the January-March quarter.
Edmunds expects Nissan will report a 25% jump in sales, which
would make it one of the stronger performers in June. Analyst
Michelle Krebs said the company is well positioned for higher gas
prices by offering a number of small vehicles, including the Versa,
Sentra and Rogue. The all-electric Leaf has also generated buzz in
the U.S., according to Krebs.
General Motors Co. (GM), Ford Motor Co. (F) and Chrysler Group
LLC are each expected to post a double-digit increase in sales,
with the strongest growth, a 26% jump, expected from Chrysler.
After overtaking Toyota to take third place in market share last
month, Chrysler will drop back to fourth place in June, Edmunds
predicts.
June's sales are expected to result in a seasonally adjusted
annualized rate of 11.9 million in June, according to Edmunds.
Despite the choppy results in recent months, the auto industry has
benefited from a broad economic recovery after suffering greatly
during the recession. Higher gasoline prices remain a top concern,
and consumers have recently moved to purchase more smaller-margin
cars in response to commodity concerns.
June had 26 selling days, one more than a year ago.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com