GM and Ford continued their recovery in the US in June, as auto sales surpasses estimates last month.
Ford’s sales increased 13% to 234, 917 units, surpassing the analysts’ 12% estimate, GM was up 6.5% to 264,843 units, above the 2.1% prediction, Chrysler increased 8.2% to 156,686 units and Toyota was up 9.8%. Sales in the US have reached the highest level since 2007, as customers begin to replace their aging vehicles.
“The same factors are still in place: Pent-up demand is unleashing, credit is cheap and widely available, and in terms of trucks, it’s all about the economy recovering and housing starts,” Michelle Krebs, an analyst at auto researcher Edmunds.com, said in a telephone interview.
Ford’s F-Series pickups jumped 24% to 68,009 units, GM’s Chevrolet Silverado increased 29% to 43,259 units and Chrysler’s Ram pickup was up 24% to 29,644 units. Light-vehicle sales in the US are expected to have increased 7.1% in June to 1.38 million units and industry sales rate might have jumped to 15.6 million units from 14.4 million in 2012.
“The availability of credit for automotive loans is as good as it’s ever been. Pent-up demand is still a big factor out there. Even this telegraphing a little bit of tapering is a sign that the economy is getting better,” said Reid Bigland, Chrysler’s U.S. sales chief.