Major automakers — aided by new models, fatter discounts, easing credit and demand for fuel-efficient cars and light trucks — posted sharply higher February sales today, extending a rebound even as rising gasoline prices threaten to slow the industry’s momentum.
General Motors Co., up 46 percent, and Toyota Motor Corp., up 42 percent, led the increase in sales last month. Ford Motor Co. gained 10 percent while announcing a boost in second-quarter production plans. Chrysler Group advanced 13 percent.
Nissan North America said it posted record February sales of 92,370 units, up 32 percent. At American Honda, sales jumped 22 percent, its biggest monthly advance since September. Hyundai said February sales volume jumped 28 percent, and Kia said demand rose 36 percent.
The sales increases were fueled in large part by retail demand, more available credit, and aggressive marketing, automakers said.
After two years of lackluster sales, automakers are beginning to benefit from pent-up demand for new cars and trucks.
Article courtesy of David Phillips & Automotive News