Most automakers posted solid U.S. sales gains last month, leading the industry to its strongest performance in more than a year in another sign that consumers are growing more confident.
U.S. light-vehicle sales rose 13 percent to the highest monthly selling rate of the year in October. Every major player except Toyota Motor Sales posted increases as volume rose to 950,291 vehicles
General Motors, which just recently announced the price point for its IPO, reported sales for the month of October rose 7.2%, versus the 5.2% analysts’ were anticipating.
Porsche had an impressive 61 percent increase compared to last October. Several automakers had their best October ever, including Subaru, Audi, Kia and Hyundai.
Even Suzuki saw a sales increase in October, which was the first time in 27 months it had a year-over-year increase.
Volkswagen of America said Tuesday sales in October were up 17.9 percent. Diesel versions of its models made up 25 percent of the company’s total volume.