US car sales recovery led by GM
http://news.bbc.co.uk/go/rss/-/1/hi/business/6714079.stm Version 0 of 1. Demand for hybrid and smaller passenger cars amid rising fuel prices helped US car sales rebound from a weak spring. General Motors (GM) led the increase as sales were up 12.8% on May last year after it sold 371,056 light vehicles. Elsewhere, Japanese rival Toyota ousted US group Ford from the number two spot with a 10% jump in sales while Ford sales sank 6.9%. Sales were driven by smaller, more fuel efficient cars as petrol prices hit record highs around $3 a gallon. "We saw strong total and retail sales increases," said GM's vice president of North American sales, Mark LaNeve. "Our significant market share gains in full-size trucks and crossovers validates the decision we made to invest in industry-leading fuel economy in these important segments." Overall, sales of GM cars rose 16.2% while light truck sales gained 5.6%. Fuel worries Toyota car sales also rose 16.2% - as Camry passenger cars sales rose and its sales of its hybrid Prius surged to a record 24,009 from 8,103 in May last year. Light truck sales rose 10.9%. "As fuel prices and consumer confidence rose, the industry saw a move to passenger cars," said Jim Lentz, Toyota's US executive vice president. Elsewhere, fellow Asian carmaker Nissan also recorded a 7.4% increase in sales, thanking a good performance from its fuel-efficient small cars for the rise. DaimlerChrysler - which last month agreed to sell a majority stake in its ailing US arm to Cerberus Capital for 5.5bn euros ($7.41bn; £3.7bn) - also said sales were up 3.9%. On the downside, Ford - the second biggest carmaker in the US - and Asian carmaker Honda both unveiled a decline in sales. Ford said overall vehicle sales fell 6.9% as car sales dropped by 17.7% while truck sales remained flat. The company blamed slackening demand for its saloon cars and a planned cut in sales to rental fleets. |