Tuesday, June 2, 2009

GM, Ford, Chrysler U.S. Sales Fell Less Than Estimates in May

June 2 (Bloomberg) -- General Motors Corp., Ford Motor Co. and Chrysler LLC posted U.S. May sales that fell less than analysts’ estimates as shoppers returned to showrooms, while Toyota Motor Corp. and Honda Motor Co. did worse than expected.

GM said today that U.S. deliveries tumbled 30 percent, and Chrysler dropped 47 percent. Ford, the only major U.S. automaker not in bankruptcy, had a 24 percent decline. Toyota’s sales plunged 41 percent, and Honda plummeted 42 percent. Nissan Motor Co. fared better than estimates, falling 33 percent.

The results showed the industry benefited from the biggest jump in six years in the Conference Board’s consumer sentiment index. May marked Chrysler’s first month of sales after its April 30 bankruptcy and the countdown to GM’s Chapter 11 filing yesterday.

“There’s no doubt; it’s progress,” said Gary Dilts, senior vice president of research firm J.D. Power & Associates in Troy, Michigan. “If you are going to see some uptick, you want to see it in May, June, July” when sales usually peak.

Analysts expected GM to be down 37 percent, based on a Bloomberg survey of 5 analysts, while Ford was projected to be off 29 percent and Chrysler off by 51 percent. Toyota’s decline was estimated to be 40 percent, based on 3 estimates, and Nissan and Honda were projected to decline 37 percent and 38 percent...more

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