US automobile firms report 'strong sales' in August
Washington, Sep 5 (ANI): Sales of automobiles in the United States have proved to be a bright spot in the country's economy, after all three major American automakers reported strong sales in August.
General Motors reported sales of 240,520 units, up 10 percent compared with a year ago. Ford had sales of 197,249 units in August, up 13 percent, while Chrysler reported sales of 148,472 units, a rise of 14 percent from a year earlier.
"The overall market is beating expectations since manufacturers are coming up great new products and customers are willing to buy," ABC News quoted Edmunds senior analyst Michelle Krebs, as saying.
Car loans are also becoming somewhat easier to get, adding another boost to the market.
Sales of Ford's F-Series trucks rose 19 percent, while Chrysler's Ram jumped by the same amount. GM's Chevrolet Silverado, among the oldest trucks in the market, saw a 4-percent sales increase.
Yingzi Su, GM's senior economist, said the overall increase was due mainly to pent-up demand as consumers and businesses were forced to replace aging cars and pickup trucks. The average age of a vehicle on U.S. road is approaching 11 years.
"People have been holding off new purchases for such a long time, since 2008 to now," she said, adding that even though the economy is growing slowly, auto sales are seeing overall improvements.
Analysts have predicted that when all automakers finish reporting results later Tuesday; sales could hit more than 1.2 million vehicles for August, up around 20 percent from a year earlier. (ANI)
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