Auto Sales: Ford/GM Up, Chrysler Down
11/03/2009 --
GM reported its first monthly gain in U.S. sales in almost two years while Toyota and Ford also improved, a sign the auto industry it starting to crawl back from a yearlong slump.
Demand for new cars and crossovers in October fueled better results for General Motors Co. and Detroit rival Ford Motor Co.
GM's sales rose 4 percent from October 2008, while Ford notched a 3-percent gain. Japanese rival Toyota Motor Corp said its sales edged up less than a percent. Less rosy news came from Chrysler Group LLC, whose sales fell 30 percent, though they improved from September.
Automakers had said October would be a test of how strong the market was without any effect of the government's Cash for Clunkers program. The industry staggered through a tough September, hurt by the collapse of demand following the clunker rebates that fueled a sales surge over the summer.
The mood was in contrast to a year ago, when consumers were frightened away from showrooms by the early effects of the financial meltdown and credit freeze.
Copyright 2009, Internet Broadcasting Systems, Inc.
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