Detroit’s Big Three automakers showed higher domestic auto sales for the month of June. Both General Motors and Chrysler saw double-digit increases. Ford’s gains weren’t as impressive, but they were still respectable at 7 percent. Even some foreign automakers got in on the action.
In fact, Toyota may very well have experienced the most dramatic jump in sales. While June was 12 percent off from May, the Japanese company saw a massive 60 percent increase. Considering the fact that Toyota has many domestic construction resources, these numbers are also good for US economists.
New auto sales among American buyers in the month of June were essentially expected to jump 21 percent from the past year. Nevertheless, some market analysts expected those same figures to fall by 4.7 percent over the previous month. Automakers have been seemingly pretty pleased with the gains, though, and many of them are posting figures that should make investors rather happy.
Ford sold 207,759 vehicles during June in the United States. They only sold 194,114 in June 2011. While that’s 3.9 percent below the May 2012 total of 216,267, it’s still rather impressive. Motor vehicles that carry the Ford marquee saw sales increases of 7.2 percent. Lincoln increased 2.5 percent.
GMC sales in general were up 15 percent. Chevy saw a 15 percent jump of its own. Buick’s 27 percent gains were extremely impressive, though Cadillac sales were only up by 12 percent. Dealer inventory in the United States was at 700,927 motor vehicles, which actually marks a 1 percent increase over the previous month.
Strangely enough, all this good news from various automakers doesn’t seem to be quite good enough for Ford. That firm actually expects to lose around $570 million in overseas sales. This has a great deal to do with the poor economic conditions in Europe.
The European debt crisis is everywhere in the news today, and sadly it reared its ugly head in Ford’s figures. Fortunately, the strong results in North America should help them stay afloat. Ford is still expected to make a profit this quarter, and their Ford Credit auto-lending unit should also keep the company above water.