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 Sales reported on Friday by Japan's Nissan <7201.T>, Toyota <7203.T>
and Honda <7267.T>, as well as the combined results for South
Korea's Hyundai <005380.KS> and its Kia <000270.KS> affiliate, all
missed expectations. Fiat Chrysler <FCHA.MI> <FCAU.N> also
disappointed.
Industry sales in April finished at 1,454,951 vehicles, up 4.6
percent according to research firm Autodata. That was below the gain
of 6 percent analysts had expected as consumer appetite for trucks
and SUVs favored the "Big Three" Detroit automakers.
"When demand for crossovers, SUVs and trucks is strong, the Asian
automakers don't do so well," said Jesse Toprak, an independent
consultant.
The industry's annual sales rate for the month was 16.50 million
vehicles, below the 16.7 million to 16.8 million many analysts had
expected.
Nevertheless, industry executives said demand remains strong and the
industry was headed toward its best year in almost a decade.
"Consumer and commercial customer demand for pickups and utility
vehicles has been building since last fall," said Kurt McNeil, GM's
U.S. vice president of sales operations. "The auto industry
continues to be on track to have its best sales year since 2006."
U.S. industry sales slipped to 16.5 million vehicles in 2006 from
almost 17 million the prior year, and fell as low as 10.4 million in
2009 during the recession, before beginning to climb.
VEHICLE PRICES RISING
Ford officials said average vehicle prices in the industry were up
$1,000 from last year to $31,200 per vehicle, and dismissed concerns
about longer loan rates, with some now at 84 months.
Ford's U.S. sales chief Mark LaNeve said the increase in duration
has been driven by buyers with good credit scores stretching to buy
more premium vehicles, rather than by consumers with high-risk
credit.
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The other side of hot truck demand is weaker car sales, which has
led to production cuts and layoffs by some automakers. Ford
previously said it would lay off 700 people and reduce production at
the Michigan plant building the Focus, which saw sales in April fall
5 percent. LaNeve vowed Ford would not create "unnatural demand" for
cars through higher incentives.
GM's April sales rose 6 percent to 269,056 vehicles as truck and
crossover sales jumped 13 percent and 25 percent, respectively.
Ford's sales increased 5.4 percent to 222,498 vehicles as sales of
Ford-brand SUVs jumped 12 percent. Retail sales of the new F-Series
pickup truck increased 8 percent, and its average sales prices hit
an all-time high of $42,600 per vehicle.
Fiat Chrysler's sales rose 5.8 percent to 189,027 vehicles as Jeep
brand sales jumped 20 percent.
Nissan sales increased 5.7 percent to 109,848 vehicles as demand for
Nissan crossovers, trucks and SUVs rose 23.7 percent. Toyota was up
1.8 percent, while Honda sales fell by the same amount. Hyundai
sales rose 2.9 percent, while Kia's slipped almost 1 percent.
(Autodata corrected the annualized selling rate to 16.5 million from
16.45 million in 5th paragraph)
(Editing by Jeffrey Benkoe, G Crosse)
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