GM’s May sales down 30 pct. but improving
DETROIT — A day after filing for bankruptcy protection, automaker General Motors Corp. says its U.S. sales in May fell 30 percent from a year ago but were 11 percent better than in April.
GM said Tuesday that improved consumer confidence levels last month helped buyers shrug off concerns about the automaker’s impending Chapter 11 filing.
GM says it sold 191,875 cars and light trucks in May.
GM’s Pontiac, Hummer, Saturn and Saab brands were the company’s worst performers. GM has said it plans to get rid of those brands as part of its restructuring.
Saturn sales fell 56 percent, and Pontiac sales were down 52 percent.
GM is counting on a quick trip through bankruptcy court to reduce its debt load and help it become a smaller, more efficient company.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
DETROIT (AP) — Ford Motor Co. said Tuesday its U.S. sales fell 24 percent in May from a year ago, but sales rose 20 percent from April as the automaker continues to gain market share from its competitors now under bankruptcy protection.
General Motors Corp. filed for bankruptcy protection Monday. Chrysler LLC, which filed in April, is preparing to exit bankruptcy protection under an operating agreement with Italian automaker Fiat SpA. Both automakers, and others, report their May U.S. sales results later Tuesday.
Dearborn-based Ford said it sold 161,197 cars and light trucks in the U.S. last month. Sales of the Ford Fusion rose 9.4 percent as the company began selling new 2010 models of the midsize sedan along with a hybrid version. Ford said it sold a record number Fusions — 19,786 in May — which was surpassed only by sales of its F-series pickup trucks.
Ford says its better cars are driving sales and its increasing market share, not GM and Chrysler’s filings for bankruptcy protection. The company said it plans to increase production levels in the second quarter by 10,000 vehicles, to 445,000, in contrast to its U.S. competitors that are cutting production and idling plants this summer.
Ford also said it plans to build 460,000 vehicles in the third quarter, 42,000 more than in the third quarter of 2008.
Automakers are facing the worst U.S. sales climate in 27 years. The companies and analysts are expecting are a rebound as the consumer confidence improves, but there’s concern that heavy incentives to are inflating sales.
Ford said it decreased incentive spending in May but is launching a new program, “Drive the Ford Difference,” this month, in which the company will pay three months of car payments, up to $2,100. Zero-percent financing will also be available on some vehicles.
Shares of Ford rose 2 cents to $6.15 in midday trading.
Related News
General Motors says China sales set new record; sales in first 9 months up 55 percentOctober 9th, 2009 General Motors says China sales set new recordBEIJING — General Motors Co. said Friday it set a sales record in China in September and total sales for the first nine months of the year rose 55 percent to nearly 1.3 million vehicles.
General Motors to increase output at 3 factories to make up for shortages at dealersSeptember 22nd, 2009 General Motors to raise output at 3 factoriesDETROIT — General Motors Co. says it will add shifts at three factories starting early next year.
Tata Motors reports 18 percent growth in salesAugust 3rd, 2009 MUMBAI - July sales of auto major Tata Motors grew 18 percent to 48,054 vehicles as against 40,729 units sold in the year-ago period, the company said Monday. In a regulatory statement, it said domestic sales of both commercial and passenger vehicles grew 23 percent to 45,599 units as compared to the 37,033 units sold a year ago.
Euro zone retail sales down 0.4 percent in May as consumers remain reluctant to spendJuly 3rd, 2009 Euro zone retail sales down 0.4 percent in MayLONDON — Retail sales fell in May in the 16 countries that use the euro, in a further sign that consumers aren't optimistic about their future in the midst of a deep and widespread recession. Eurostat, the EU's statistics office, says retail sales in the euro zone fell by 0.4 percent from the previous month.
Ford Canada says it led auto sales in June for the first time in 50 yearsJuly 2nd, 2009 Ford Canada sales jump 25 percent in JuneTORONTO — Ford Motor Co. of Canada Ltd.
Mitsubishi North America sales drop nearly 42 percent in JuneJuly 1st, 2009 Mitsubishi North America sales drop in JuneCYPRESS, Calif. — Mitsubishi Motors North America said Wednesday its sales dropped 41.7 percent in June compared with the same month a year ago, although sales fell at a slower pace than in the previous month.
India's passenger vehicle sales inch upJune 8th, 2009 NEW DELHI - India's passenger vehicle sales grew a marginal 1.68 percent in April-May to about 275,000 units from nearly 272,000 units sold in the corresponding period last year, according to an industry body. Sales, however, dropped to a little below 141,000 units in May from about 142,000 sold in the like month last year, figures released MOnday by Society of Indian Automobile Manufacturers (SIAM) said.
GM May sales drop 29 percent, but show improvement over April levelsJune 2nd, 2009 May Auto Sales: General MotorsDETROIT — General Motors Corp. said Tuesday that its May U.S.
Tata Motors net falls 51 percentMay 30th, 2009 MUMBAI - Tata Motors Ltd, India's automobile major reported a smaller-than-expected 50.7 percent drop in the annual profit while sales picked up in the March quarter and raw material prices fell. This was disclosed by C Ramakrishnan, Chief Financial Officer of Tata Motors, at a press conference here on Friday.
Japan's major automakers cut output in AprilMay 28th, 2009 TOKYO - Japan's major automakers suffered production cuts in April amid declining sales caused by the global economic turmoil, the firms said Thursday. Leading carmaker Toyota Motor Corp's global output plunged almost 50 percent in April to 366,125 units from the corresponding month a year before, it said.
Indian vehicle sales continue to rise, growing 1.1 percent in April on passenger car demandMay 11th, 2009 Indian vehicle sales up 1.1 percent in AprilMUMBAI, India — India's vehicle sales continued to rise in April, growing 1.1 percent from the year before to 165,539 units, while exports surged, according to industry figures released Monday. Sales of passenger cars rose 4.36 percent, to 135,697 units, while commercial vehicle sales fell 11.25 percent, to 29,842 units, the Society of Indian Automobile Manufacturers said.
Kohl's same-store sales better-than-expected in April; retailer raises guidanceMay 8th, 2009 Kohl's sales fall 6.2 percent in AprilMENOMONEE FALLS, Wis. — Kohl's Corp.
General Motors' China sales surge 50 percent to monthly record, led by Buicks, minivehiclesMay 5th, 2009 GM's China sales surge 50 pct to monthly recordSHANGHAI — General Motors said Tuesday that sales in China soared 50 percent in April to a monthly record of 151,084 vehicles, thanks to strong demand for Buick brand cars and Wuling minivehicles. Sales of the Buick Excelle sedan, a staple in GM's Shanghai-produced portfolio, more than doubled from a year ago to 22,078, the company said in a statement.
Ford says April sales fall 32 percent, gains retail market share on sales of FusionMay 1st, 2009 Ford April sales off 32 pct, gains market shareDETROIT — Record sales of its fuel-efficient Fusion helped Ford grab a bigger slice of the U.S. car market in April, even as its overall sales dropped 32 percent.
Kia Motors records 1st-quarter net profit on weak South Korean won, higher domestic salesApril 24th, 2009 Kia Motors records 1Q profit on weaker wonSEOUL, South Korea — Kia Motors Corp. said Friday it posted a net profit in the first quarter, helped by a sharply weaker South Korean won and an increase in domestic sales.
Loading ...