Detroit may be bankrupt, but Detroit’s automakers are on a roll.
General Motors, Ford, and Chrysler all announced double-digit year-over-year increases in sales for July. So did Honda, Toyota, and Nissan as the auto industry looks to achieve its best year in sales since 2007.
In July, the industry sold cars and light trucks at an annual rate of 15.7 million, slightly down from June’s figures. But industry analysts suggest that strong sales in the fall could push the industry to the 16 million mark – a post-recession high.
The reason for the optimism? Trucks.
With sales already running strong during the first six months of the year, trucks notched another big month in July. That suggests the momentum will continue into the fall.
Sales of Ford’s F-Series pickup climbed 23 percent for the month, helping the automaker notch an 11 percent increase overall.
Chrysler saw a similar rise: a 31 percent boost in Ram pickup sales and an 11 percent rise overall.
Among the Japanese automakers, cars and SUVs led the sales parade. Honda did the best of the three major manufacturers, with a 21 percent sales rise in July powered by its CR-V and Pilot SUVs. Toyota saw a 17 percent rise, led by the Prius and Camry, while Nissan climbed 11 percent on the back of its Altima and new Pathfinder SUV.