Auto Manufacturers Seeing Strong Demand in North America - European Markets Continue to Struggle
November 01 2012 - 8:20AM
Marketwired
Auto manufacturers have continued to report strong U.S. sales
despite concerns of a slowing global economy. Truecar.com estimates
new light-vehicle sales in the U.S. will total 1,137,744 units in
October, an 11.5 percent increase from October 2011. The Paragon
Report examines investing opportunities in the Auto Manufacturers
Industry and provides equity research on Honda Motor Co. Ltd.
(NYSE: HMC) and Toyota Motor Corp. (NYSE: TM).
Access to the full company reports can be found at:
www.ParagonReport.com/HMC www.ParagonReport.com/TM
Auto manufacturers' strong sales in the U.S. have been offset by
a slowing European market. Europe's struggling economy has seen car
sales in the region drop to near 20-year lows. European auto sales
have fallen from 18 million in 2008 to a projected 14 million in
2012. As production continues to outpace demand auto manufacturers
have been forced to take drastic measures. Ford has recently
announced that it plans to close 3 European plants, which would
eliminate 5,700 and reduce production capacity by 18 percent. The
company expects to lose in excess of $1.5 billion in Europe in
2012, an increase from their previous estimate of at least $1
billion.
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For the fiscal second quarter Honda reported a net income of
82.2 billion yen ($1.0 billion), an increase of 36 percent when
compared to the year ago quarter. Despite the strong quarter the
company has lowered its full fiscal year net profit estimate to 375
billion yen ($4.7 billion) from its previous estimate of 470
billion yen ($5.9 billion).
Toyota, which began North American production in 1986, recently
held a ceremony celebrating the cumulative production of 25 million
units in North America. The company is scheduled to release its
Fiscal second quarter results on November 5, 2012. Toyota reported
sales of 5.5 trillion yen (US$70.5 billion) in the previous
quarter.
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