Auto sales figures for October are in, and General Motors appears to be the only U.S. manufacturer to have posted a gain for the month. According to figures released today, GM posted a 3.4% rise in October U.S. light vehicle sales to 307,408 cars and trucks, marking a third consecutive month of gains.
Meanwhile, Ford Motor logged a 9.5% drop in October sales to 195,462 cars and trucks. However, the results were better than expected, with analysts predicting a 14.6% retreat. The last of the Big Three, Chrysler LLC posted a 9% decline in sales to 145,316 cars and trucks, with a 12% jump in car sales failing to make up for a 14% drop in trucks.
Leading Detroit competitor Toyota Motor said that October total sales rose 0.5% to 197,592 vehicles from 189,011 vehicles a year earlier. Despite the lower figure, TM shares are the only 1 of the 4 to post gains on the session so far. At last check, TM was up fractionally, while GM was off more than 4.5% and F had dropped about 3.5%