The US automotive industry continues its spectacular recovery, posting a great result last month – actually the best October in years – lifting most of the automakers to results seen only before the great economic crisis.
The total light-vehicle sales jumped 6.1% to 1.28 million units, putting the annualized rate, adjusted for seasonal movements, up at 16.5 million – the eighth month it’s above the 16 million mark. Japanese automakers managed again to post impressive results and expect their profits to be lifted for the quarter as the yen has weakened again against the dollar. Toyota reported its sales went up 6.9%, while Nissan and Honda reported the best October month for their respective namesake brands.
Toyota, the world’s largest carmaker, matched analyst forecasts with its deliveries growing almost 7% to 180,580 autos. The Japanese company was buoyed by record sales of its RAV4 and Highlander SUVs and a 14% increase in deliveries for the mid-sized Camry – the best-selling car in the US.
Nissan, the second-largest Japanese automaker managed to post a 13% jump in the US in October, exceeding estimates for an 11% rise. The namesake brand jumped 15% to 94,072 units thanks for rising interest for the Rogue crossover and Versa subcompact and Nissan also posted a 13th consecutive monthly record.
Honda managed to increase deliveries in the US last month by 5.8%, buoyed by demand for the CR-V SUV and Fit subcompact, but ultimately dropped below average analyst forecasts that put sales up by 8%.
Via Bloomberg, Reuters