7 June 2010 - U.S. auto sales in May rose for the seventh consecutive month as most car makers recorded robust gains on the back of rising consumer confidence.
Growing purchases by business owners, renewed popularity for some large trucks and sport utility vehicles, recent decline in the price of gasoline and higher purchases by rental car companies contributed to the strength of the U.S. auto sales in May.
General Motors Co. reported a 17% year-over-year rise in monthly sales to 223,410 cars and light trucks. Ford Motor Co. posted a 22% rise to 162,813, whilst Chrysler Group LLC a 33% rise to 104,819.
For the makers of Japanese cars in the U.S, Toyota Motor Corp. reported a 6.7% rise for May to 162,813 vehicles. Honda Motor Co. posted May sales of 105,407, an increase of 18.6% from May 2009 while Nissan Motor Corp. said its sales in May increased by 24% to 83,764 units.
Korea’s Hyundai Motor Co. matched Chrysler’s growth rate, as its sales also increased 33% to 49,045 vehicles.
Despite the gains recorded during the last seven months, vehicle makers were cautious about its sustainability citing recent declines in the stock market and the Euro-zone debt crisis as potential threats.
In China, however, auto sales slowed down last month as falling stock prices and rising consumer prices eroded wealth in the world’s largest automobile market.
China auto sales for May rose 25% to 885,800 units for cars, sport-utility vehicles and multipurpose vehicles, compared with 34% in April.
(Irco.biz)
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