As the sales pace picked up last month, the usual “suspects” – the Asian automakers, took full advantage of the rising recovery and posted better than expected results.
Toyota, Nissan, Honda, Hyundai and Kia all reported better than expected sales, topping analyst forecasts, with Nissan Motor calling last month its best May ever, while Hyundai considered it the best month it ever had.
“Industry sales in May soared as consumer confidence improved and demand for new vehicles continued to strengthen,” said Bill Fay, group vice president of Toyota Motor Sales USA.
According to research firm Autodata, the annualized and seasonally adjusted rate reached in May almost 16.8 million vehicles, after economists asked by Reuters predicted an average rate of just 16.1 million.
Nissan reported its May sales thoroughly exceeded even internal predictions, rising 19% last month (to a total of 135,934 cars), followed by Toyota – the world’s largest automaker – which jumped 17% to a tally of 243,236 units, thoroughly exceeding a more modest 8.1% forecasted growth. Honda also bested the predictions, reaching a sales advance of 9% last month for a total of 152,603 vehicles.
Meanwhile, South Korea’s duo – Hyundai and Kia, which report sales together, managed to also top the average estimate for a 4.5 % increase, advancing sales last month by 8.5% to a total of 130,994 units.
Via Reuters, Bloomberg