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Driven by the government's promotion of energy-efficient car incentives, both US and overseas car sales have increased, including General Motors Co. and Chrysler Group LLC and Nissan Motor Co. Sales of automakers including NSANY are still declining.
“Old car for cash†ended a few weeks earlier than expected at the end of last month. Consumers responded strongly. However, following the increase in car sales in July and August, it is expected that the auto market will show weak demand in September.
With car sales analyst Mike DiGiovanni, the car sales rate in September will fall from 14.3 million to 1.4 million to 10.5 million. He added that GM expects car sales to rise to between 11.5 million and 12 million in 2010.
General Motors reported that car sales in August fell 20% to 245,550 units, truck sales fell 31%, and car sales fell 4.6%.
Toyota's sales in August rose 6.4% to 225,088 units, surpassing Ford for the second consecutive month. Total passenger car sales increased by 20%, and light truck sales fell by 15%.
Honda Motor's sales in August increased 9.9% to 161,439 units, car sales increased 23%, and truck sales fell 9.3%. Nissan's sales in August fell 2.9% to 105,312 units.
Chrysler's car sales in August fell 15% to 93,222, but up 5% from July.
Driven by the US government's "Cash for Clunkers" program, the US auto industry temporarily got rid of the downturn last month, and Ford Motor Co. (F) surged its sales in August by 17 %, in addition, sales of Toyota Motor Co. (TM) and Honda Motor Co. (HMC) also increased.