GM to lift '99 US car industry sales forecast
DETROIT, Feb 3 (Reuters) - Surprising sales strength over
the past few months has prompted General Motors Corp. to lift
its forecast for 1999 total U.S. industry vehicle sales from a
previous estimate that predicted sales ranging from 15 million
to 15.5 million units.
"We'll be going definitely to the upper end of that (range)
or maybe even higher," GM chief forecaster Michael DiGiovanni
told reporters on a conference call. "It appears that the
momentum in the industry is strong and will be strong in the
first half of the year."
Low pricing, low interest rates, strong employment and
limited impact from the Asian financial crisis on the U.S.
economy will boost sales in the months ahead, he said.
"This industry is surprising everyone," he said. "It's hard
at this point to see that momentum slowing down.
U.S. sales of cars and light trucks totaled 15.59 million
units in 1998, the highest total since a record 16.1 million
units in 1986.
GM's U.S. sales rose 4 percent in January from the same
month a yeaer earlier, with strong car demand offsetting a drop
in trucks sales, said Donald DeVeaux, director of North
American market analysis for GM.
Production for the new Chevrolet Silverado and GMC Sierra
full-size pickup trucks is running flat out, but depressed
dealer inventories hurt sales, he added.
((Detroit newsroom, 313-870-0200))
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