General Motors’ U.S. sales increased 10.2% in June from 2010 levels and Ford’s grew 13.6%, but GM warned that overall industry demand for cars and light trucks likely slowed from May’s eight-month low.
Don Johnson, vice president of U.S. sales operations, indicated both GM and Ford would gain market share versus June 2010. But overall, GM predicted a June light-vehicle sales rate of 11.7 million, lower than May’s 11.8-million-unit rate and below analysts’ expectations.
Twelve analysts surveyed by Bloomberg News had forecast an auto sales rebound in June, using sales data from early in the month to predict a seasonally adjusted annual rate of 12 million. Instead, demand may have hit its lowest point since August 2010. Johnson attributed the possible decrease in the sales rate to continued shortages of vehicles built in earthquake-damaged Japan. Industry sales slowed in late June, he said, despite several automakers’ move to increase incentives last month to spur demand.
Full story: GM, Ford post June sales increases