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US auto sales demolish expectations
(Joe Raedle/Getty) "You gonna buy this thing or what?"
US auto sales are on fire.
In July, US auto sales hit a pace of 17.55 million units on a seasonally-adjusted basis, well above expectations for sales to come in at a pace of 17.2 million.
The better-than-expected number was led by a beat from each of the "Big 3" automakers — Ford, GM, and Chrysler.
In July, GM sales rose 6.4%, topping estimates for a 0.6% increase.
Ford reported sales that rose 4.9% in July, more than the 1.8% that was expected.
Fiat Chrysler, meanwhile, reported sales rose 6.2% in July, better than the 4.8% increase that was expected.
In June, auto sales hit a pace of 17.11 million.
According to analysts at JPMorgan, a July sales figure of a seasonally adjusted pace over 17 million vehicles would mark the first 3-month stretch of auto sales at this quick of a pace since August to October 2000.
Here's the updated scoreboard so far:
Ford: +4.9% (+1.8% expected)
Fiat Chrysler: +6.2% (+4.8% expected)
GM: +6.4% (+0.6% expected)
Nissan: +7.8% (+5.3% expected)
Honda: +7.7% (+4.7% expected)
Toyota: +0.6% (-0.1% expected)
Audi: +20.8%
Mercedes-Benz: +1.2%
BMW: -0.2%
Kia: +7.7%
Hyundai: +6%
Porsche (North American sales): +10%
In its July release, Ford said the strength of its sales were driven by its F-Series truck, which had its best July since 2006 and saw sales rise 13% over the prior year.
GM also said that truck and crossover vehicles were also having a big month.
"GM has been steadily growing its commercial sales and retail market share, thanks to our strong truck and crossover portfolio," Kurt McNeil, GM’s U.S. vice president of sales operations said in a statement. "We feel very good about our truck strategy heading into the late summer and fall, when those segments usually heat up."
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