Toyota and Honda thrive at US carmarkers' expense
(Filed: 02/06/2006)
Toyota and Honda racked up record US auto sales in May as higher petrol prices lured customers to their fuel-efficient cars, while sliding sales at GM and Ford led to production cuts.
Increasing US consumer concern over fuel economy has sent sales soaring for Toyota and Honda, whose fleets boast the industry's highest fuel economy, with customers flocking to new models like Honda's Civic sedan.
Toyota, which surpassed Chrysler in unit sales last month, widened its lead with its best month of sales ever, clocking up a 12pc gain. Honda had its best May ever as sales rose 11pc.
In contrast, GM and Ford, whose profits depend heavily on sales of sport utility vehicles and pickup trucks, booked their fourth straight month of declines.
GM, the world's largest automaker, posted a 16pc slide in monthly sales, while Ford reported a 6pc drop. Chrysler Group's sales fell 14pc.
David Healy, an analyst with Burnham Securities, told Bloomberg: "I think it's totally due to consumer nervousness about gas prices."
Sales for the auto industry overall weakened to a seasonally adjusted annual rate of 16.1m units, down from 17.2m a year earlier, according to AutoData.
Total US auto sales over the first five months of the year have been running almost flat from a year ago.
continued............
telegraph.co.uk |
