(Updates to add data for auto makers including Toyota, Honda and Hyundai; updates share prices.)
DOW JONES NEWSWIRES
Auto makers posted generally modest June vehicle sales growth
but most saw their sales slip from May as the industry was hurt by
sales that were pulled ahead due to higher incentives earlier this
year.
The Detroit Three--Ford Motor Co. (F), General Motors Co. and
Chrysler Group LLC--all reported higher sales from a year ago, the
latter two coming off of periods in which they were dealing with
their bankruptcy efforts. Japanese auto makers reported smaller
growth.
Jim Lentz, Toyota Motor Corp.'s (TM, 7203.TO) U.S. sales chief,
said, "The entire automotive industry struggled in June as
weakening consumer confidence weighed on sales."
The weakness comes as concerns have been raised about current
sales. While higher from last year's moribund levels, current sales
would have been considered abysmal before the financial crisis.
One bright spot has been Ford, the only U.S. auto maker to avoid
bankruptcy during the economic downturn. Thursday, Ford said its
retail market share grew for the 20th time in 21 months as U.S.
company-wide light-vehicle sales rose 13% to 175,690, compared with
154,873 a year earlier.
Truck sales jumped 25% while car sales increased 16% and
crossovers grew 3.1%. Retail and fleet sales each rose 15%, with
the latter benefiting from higher sales of Ford's trucks to
commercial customers. There were 25 selling days in the month, the
same as a year ago.
GM, meanwhile, reported that domestic sales in June climbed 36%
for the four brands the company will keep following its
restructuring, fueled by strong sales for crossovers and some
recovery for pickups and sports-utility vehicles. GM said total
combined sales of Buick, GMC, Chevrolet and Cadillac were 194,828
for the month, the ninth-straight month of year-over-year gains. In
total, GM sold 196,716 light vehicles in June, compared with
174,785 a year ago and 223,410 in May.
Chrysler said sales grew 35% on year to 92,482. It was the third
consecutive month of improved sales for Chrysler, which exited
bankruptcy protection a year ago last month. The month's results
were led by car sales nearly doubling. The company finished June
with a 60-day supply of inventory, a 14% increase from a year
ago.
Toyota reported 6.8% growth in the U.S. from last June to
140,604 vehicles, off 14% from May, as Toyota's car sales fell 2.7%
from a year ago. Trucks gained 24%.
Earlier Thursday, Toyota disclosed it was preparing to recall
270,000 luxury vehicles worldwide, including some of its flagship
Lexus LS sedans, to repair an engine problem. The company's
announcement comes as it works to promptly deal with safety
concerns after criticism for responding slowly to global recalls
earlier this year.
Honda Motor Co.'s (HMC, 7267.TO) year-over-year growth was 6%,
putting its total at 106,627 vehicles. Nissan Motor Co's (NSANY,
7201.TO) June sales grew 11% to 64,570 vehicles, but fell 23% from
May. The growth was fueled by the renewed Infiniti M and G lines,
and Nissan said every one of its products showed sales increases
from a year ago.
Overall, Chrysler said the U.S. industry sales figures for June
are projected to be an estimated seasonally adjusted annualized
rate of 11.4 million vehicles. GM put the figure slightly lower at
11.2 million. May's figure was 11.7 million.
Hyundai Motor Co. (HYMLY, 00580.SE), meanwhile, reported it sold
51,205 vehicles in June, a 35% increase from a year ago and a sales
record for the month. It was the auto maker's 18th consecutive
month of year-over-year retail market share gains.
Luxury auto makers fared a bit better in June--with Porsche
Automobil Holding SE (POAHY, PAH3.XE) reporting sales more than
doubled, to 2,141 vehicles. Daimler AG's (DDAIF, DAI.XE)
Mercedes-Benz posted a 25% increase, selling 18,997 vehicles, with
gains noted for passenger car and light trucks.
Auto makers' shares were generally higher in recent trading,
with Ford's shares up 4.4% to $10.52. Toyota's American depositary
shares rose 23 cents to $68.80, while Honda's fell a penny to
$28.74.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com