GM’s sales rose unexpectedly, by 4% in October to 177,603 cars and light trucks. Chevrolet retail sales were especially strong, up 31%. The No.1 US car company said fourth quarter production would be 17% above the third quarter of the year.
GM’s news follows positive news from Ford (NYSE:F) which had a sales increase of almost 3% in October to 132,483. Sales of the third market leader, Toyota (NYSE:TM) were flat at 152,165.
Chrysler’s sales were down, as expected, falling 30% to 65,803.
Taken as a whole, the October data indicates that US car sales have bottomed and that the rest of the quarter may be stronger than expected.
Douglas A. McIntyre
