For several auto makers, sales during July were the strongest they have seen in years. Continued demand for SUVs and trucks are driving growth and add to the bottom line of top auto manufacturers. Also fueling the new car market is a stronger labor market, historically low-interest rates on auto loans and special deals from auto makers.
Kelley Blue Book reported that during July, transaction prices of new light vehicles rose 2.6% to $33,453, from same period during 2014.
General Motors Company (GM - NYSE) sales grew 6.4% to 272,512 vehicles during July, striking their best monthly sales record since 2007. GM saw a 24% increase in Chevrolet trucks, SUVs and van sales, striking their best brand sales since July 2006. Buick sales rose by 18% on strong demand for the Encore and Enclave crossovers.
Ford Motor Company (F - NYSE) reported a 4.9% increase in vehicles sold during July to 222,731 vehicles, striking their best monthly sales record since 2006. Sale of Fords F-series trucks - including the revamped F-150 - grew 4.8% to 66,288 vehicles in July. Ford Mustang sales rose by 29% in July. Explorer sales grew 27% during July while sales of SUVs jumped 13%, truck sales grew 5.7% and car sales fell 3.9%.
Nissan Motor Company Ltd. (NSANY - OTC) reported a 7.8% increase in sales for July to 130,872 vehicles from 121,452 during same period of 2014. Truck sales for Nissan during July, jumped by 23%, to offset a 1.2% decline in car sales. Nissan SUV Rogue sales soared higher by 51% to 25,081 vehicles in July. Xterra sales grew 11.5% for July. Nissan Maxima sales took a hit with a 28% drop in sales for the month. Also taking a hit was Nissans electric car Leaf which took a beating with a drop by 61%.
Fiat Chrysler Automobiles N.V. (FCAU - NYSE) U.S. auto sales rose 6.2% during July, extending its streak of year-over-year gains to 64 months. Fiat Chrysler reported sales of 178,027 units during July, up from 167,667 in same period of 2014. Fiat Chrysler's Jeep brand saw an increase in sales by 23% to 73,216 vehicles for July, driven by double-digit increases in sales of Patriot, Wrangler and Cherokee. Boosted by sales of the Chrysler 200 midsize sedan, which grew 85% over same period of 2014, Chrysler sales jumped 10%. Fiat Chrysler projected total industry sales in the U.S. to be a seasonally adjusted annualized rate of 17.8 million units for July, which would be among the best in a decade.
Contributed by Millennium Traders
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