US Car makers are expected to reveal solid September gains when compared to 2009 and the “cash-for-clunker” hangover, with strong retail figures set to boos hopes for an upbeat end to 2010.
The automotive industry’s recovery in the US has recently sputtered, and financial analysts have cut their targets for the rest of the year on concerns the U.S. economy isn’t healing as quickly as hoped.
In August, the seasonally adjusted annual rate of sales (SAAR) fell to 11.47 million units down from 14.17 million in 2009.
Although this is a fairly drastic decline it should be noted that the previous year’s figures were inflated by the US government’s version of the UK scrappage scheme.
According to J.D. Power and Associates, the global marketing information services firm, September is forecasted to come in at 11.8 million units, which is up slightly on August but a massive increase on the 9.2 million units of a year ago.
Total industry sales are predicted to jump 28% from a year earlier, with Chrysler posting a whopping 52.3% increase. GM and Toyota will likely lag behind the leaders but are still expected to turn in double-digit gains. Ford is forecast to report a 38% surge as they continue to shine.
In a survey from US marketing research company CNW Research, more new car buyers are considering Ford than have done in a decade.
In fact, 29.4% of shoppers are looking at Ford compared to only 21.3% for Toyota — the first time since 2003 that Ford has beaten its Japanese rival in the study. GM had led Ford until 2009, when a bankruptcy and federal bailout shook up consumer tastes.
“Few can doubt that Ford has been a stellar example of how to turn an entire company around,” CNW’s Art Spinella said. “It became an ‘overnight sensation’ that only took six years to accomplish.”
GM looks to keep improve its image with a host of new products, including the hotly-anticipated plug-in hybrid Chevrolet Volt.