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US auto sales race to 2-year high in August
Detroit, Sept 16: US auto sales hit their strongest pace in nearly two years in August, as bountiful incentives and an improving economy lured buyers into showrooms.
Detroit, Sept 16: US auto sales hit their strongest pace in nearly two years in August, as bountiful incentives and an improving economy lured buyers into showrooms.
But, two of Detroit’s Big Three automakers lost ground to foreign competition, as Toyota Motor outsold DaimlerChrysler’s Chrysler arm for the first time in the US, and Ford Motor reported a 13% drop in sales.
August’s seasonally-adjusted annual sales rate hit 19m vehicles, above last August’s rate of 18.6m vehicles and the highest since the record of 21.1m set in October ‘01. Total unit sales, adjusted for selling days, were down 0.8% from August ‘02, US automakers.
“We think the consumer was feeling a little better about life, and also the nuclear incentives continued in the marketplace,” said Gary Dilts, Chrysler’s senior vice-president of sales.
The results pushed GM to raise its Q3 production, as its sales were down just 0.7% compared with last August’s strong results. Paul Ballew, GM’s director of industry analysis, called the industry’s sales “sizzling.” “The ongoing aggressive pricing and incentives are certainly part of it,” he said. “However, I would also stress there are increasingly clear signs of the recovery gaining some traction.” Bureau Report
August’s seasonally-adjusted annual sales rate hit 19m vehicles, above last August’s rate of 18.6m vehicles and the highest since the record of 21.1m set in October ‘01. Total unit sales, adjusted for selling days, were down 0.8% from August ‘02, US automakers.
“We think the consumer was feeling a little better about life, and also the nuclear incentives continued in the marketplace,” said Gary Dilts, Chrysler’s senior vice-president of sales.
The results pushed GM to raise its Q3 production, as its sales were down just 0.7% compared with last August’s strong results. Paul Ballew, GM’s director of industry analysis, called the industry’s sales “sizzling.” “The ongoing aggressive pricing and incentives are certainly part of it,” he said. “However, I would also stress there are increasingly clear signs of the recovery gaining some traction.” Bureau Report