Auto Industry Post Impressive Sales Numbers in May
June 06 2012 - 8:20AM
Marketwired
Domestic auto sales have been on an impressive run in 2012 as an
improving U.S. economy, and high gas prices have boosted the demand
for new and more fuel efficient vehicles. Despite growing global
economic concerns the top U.S. auto manufacturers posted
double-digit sales growth in May. Five Star Equities examines the
outlook for companies in the Auto Manufacturers Industry and
provides equity research on Toyota Motor Corporation (NYSE: TM) and
Honda Motor Co. Ltd. (NYSE: HMC).
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Auto sales "were slightly below expectations [industry-wide],
but despite all the negative macroeconomic trends, we actually did
pretty well," said Jesse Toprak, vice president of market
intelligence at TrueCar.com. "We are still up dramatically from
last year and the underlying consumer demand is strong."
GM saw their highest monthly total in almost three years as
sales of new cars and trucks in the U.S. jumped 11 percent to total
245,256 vehicles. The Chrysler Group LLC posted their best May in
five years as U.S. sales surged 30 percent to 150,041 vehicles.
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Toyota's monthly sales saw 87.3 percent increases to total
202,973. "Toyota, as expected, posted a stunning year-over-year
percentage increase; remember where Toyota was a year ago, however,
largely without much product to sell because of the earthquake and
tsunami," said Michelle Krebs, senior analyst at Edmunds.com. "Ford
held the No. 2 sales spot over Toyota, a position that looked to be
at risk."
Honda Motor Co. recently announced that it has begun
construction on a new auto plant in Indonesia. With annual
production capacity of 120,000 units, the new auto plant is
scheduled to begin production in 2014 in order to continue meeting
demands in the rapidly growing automobile market in Indonesia.
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