Why GM, Chrysler are riding high
Strong sales in November kept a strong year on course, and solid profit margins helped as well.
‘Tis the season of uncertainty, as many retailers are expecting a rough holiday season. Automakers, though, are bursting with joy.
Both Chrysler and General Motors (GM) reported robust November sales, with deliveries of cars and light-duty trucks jumping by 16% at Chrysler and 14% at GM as consumers flocked to dealerships to replace their old wheels. The results were better than analysts expected, and experts now see the companies ending 2013 on a high note.
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Other automakers such as Ford (F) and Hyundai also posted strong results, though not nearly as good as Chrysler and GM. Ford gained 7.1%, thanks largely to continued strength in the F-150 pickup, the industry's No. 1 seller. Hyundai and its affiliate Kia posted a 7.3% increase.
Overall auto sales climbed 8.9% in November to almost 1.25 million vehicles sold, which beat analysts' projections. What’s even more amazing is that automakers have kept incentive spending under control, enabling them to maintain profit margins.
Consumers, though, may tap the brakes next year. After 2013's projected sales of 15.7 million, analysts expect next year's pace to be 16.1 million, the smallest annual gain since 2009, according to Bloomberg. Still, that would extend the industry's winning streak to five years for the first time since World War II.
Toyota and Honda get government subsidies ever year and limit American Vehicles imported into Japan.
Wake up America...Stop the Trans-Pacific Partnership! It is being fast tracked by the President and the republicans. What do you think Biden has been doing in Asia? Selling us out!
Didn't the American taxpayers take a haircut (more like a head/body shaving) on the GM stock?
Didn't the American taxpayers give generous credit terms to these clowns in 2008?
Didn't GM lay off a ton of workers in Detroit that are now on the public dole?
Do the American taxpayers get to share in the turn arounds we financed by sacrificing our dollars and jobs?
This is generally the result, for a while, of stiffing your investors, cheating all your vendors, pocketing 10's of billion$ of taxpayer money and paying it all back with worthless paper.
with everything made overseas, how can you buy a USA car or truck?
we are consumer based and we make other country's rich! they are now buying up as much as they can! no change in the way we buy and we are sinking fast.
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[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
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