(Adds data from Toyota, Honda)
DOW JONES NEWSWIRES
U.S. auto sales may have fallen as low as 9 million on an
annualized basis in September as manufacturers re-evaluate
production and incentive programs following the end of a
government-run subsidy program.
Ford Motor Co. (F) remained the best performer among the top
seven manufacturers as its U.S. light-vehicle sales fell 5.1% in
September from a year earlier, though executives said a second
month of higher pick-up truck sales may indicate improving economic
sentiment among small-business owners.
Market leader General Motors Co. suffered a 45% slide and
sixth-ranked Chrysler LLC was down 42%, while Nissan's North
American sales slipped by 7%.
The two largest Japanese auto makers - Toyota Motor Corp. (TM)
and Honda Motor Co. (HMC) - posted declines of 13% and 20%,
respectively. Toyota said it hoped third-quarter momentum would
extend into the last quarter of the year.
George Pipas, Ford's U.S. sales chief, said the industrywide
seasonally adjusted annualized rate, or SAAR, fell to 9 million in
September after spiking to 14.1 million in August. Chrysler
estimated September SAAR at 9.4 million.
Pipas said sales picked up across the industry in the second
half of September as manufacturers replenished inventory, despite
lower incentive spending.
Ford has been the best domestic performer in recent months,
helped by a refreshed product line-up. It sold 114,241 cars and
light trucks in the U.S. last month compared with 120,355 a year
earlier and 176,000 in August.
Mark LeNeve, GM's U.S. sales chief, echoed other executives by
describing the fourth quarter outlook as "brighter," though the
company didn't change its production estimate.
The drop in U.S. industry sales amid high unemployment and
economic uncertainty contrasts with continuing gains overseas,
notably in countries that still have government incentive programs
in place.
Sales of cars, trucks and buses rose 3.5% in Japan last month,
their second sequential year-on-year gain. In France, sales rose
for the fifth straight month, rising 14.1% in September.
Ford said it gained 2 percentage points of U.S. market share in
September despite a 14% fall in retail sales. Fleet sales rose 23%.
GM's retail sales slumped by 46%.
Sergio Marchionne, Chrysler's chief executive, said the
September performance was not representative of its future.
Marchionne is leading the restructuring of the sixth-largest U.S.
auto producer after Fiat SpA (FIATY) took effective control earlier
this year.
For Toyota, total sales dropped to 126,015 from 144,260, jumping
ahead of Ford for the third straight month. Passenger car sales
dropped 11% while total light truck sales were down 15%. Honda's
total was 77,229, with cars down 17% and trucks off 24%.
Among luxury auto makers, BMW AG (BMW.XE) reported a 3.6%
year-on-year rise for September U.S. sales, with Porsche up
8.4%.
-By Doug Cameron, Sharon Terlep, Jeff Bennett and John Kell, Dow
Jones Newswires; doug.cameron@dowjones.com
