May Car Sales and Outlook Remain Strong

Based on analysts’ estimates, May’s seasonally adjusted annual sales rate for 2014 stands at 16.1 million units.

Chrysler’s year-over-year sales rose 17% to 194,421 units, the company’s best May sales level since 2007. The company’s Jeep, Dodge, Ram Truck and Fiat brands all posted year-over-year gains in May. The Jeep brand posted a sales gain of 58%, its best sales month ever, and the Ram brand posted a gain of 17%, the same increase it posted in April. Chrysler projected a seasonally adjusted annual rate of sales from all manufacturers at 16.9 million units for 2014, up from last month’s projection of 16.3 million. The company ended the month with 69 days supply of inventory, down from 74 days of supply at the end of April.

Ford Motor Co.’s (NYSE: F) U.S. sales rose 3% year-over-year in May to 254,084 Ford and Lincoln vehicles. That compared with May 2013 sales of 246,585. Sales of the company’s best-selling Fusion rose 14.6%, and sales of the Escape SUV rose 9.5%. The full-size Explorer SUV saw sales rise 20.7%. If there is a down note, it is that sales of the F-Series pickups fell 4.3% year-over-year.

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General Motors Co. (NYSE: GM) posted total May sales of 284,694 vehicles, up 13% year-over-year. Chevy Impala sales rose 23.1%, Corvette sales were up 268% and the Chevy Cruze posted a gain of 40.5%. For the first five months of the year, total sales are up 2.8%, including discontinued models. Chevy sales are up 2.2% and Cadillac sales are down 2.3% for the first five months of the year. May was the best month for GM’s total sales since August 2008 and its best May in seven years.

Sales at Toyota Motor Corp. (NYSE: TM) for the month totaled 243,236 units, up 12% compared with May 2013. A company executive said, “Industry sales in May soared as consumer confidence improved and demand for new vehicles continued to strengthen. Toyota had its best month in six years led by strong Camry, Corolla and Hybrid sales.”

Volkswagen sold 32,163 units in the United States in May. That is a drop of 15.4% year-over-year, on top of an 8.4% drop in April sales. Year-to-date VW sales are down 11.5%.

Nissan’s April sales rose 18.8%% to 135,934 units, a record for the month of May. Sales of the company’s best-selling Altima rose 12.9% to 36,053 units year-over-year in May.

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