3rd UPDATE: Auto Sales Remain Bleak In April; Toyota Lags
01 Mai 2009 - 9:48PM
Dow Jones News
U.S. vehicle sales data released Friday delivered no signs of
economic recovery despite widespread hope the beleaguered auto
industry would begin to see relief in April.
The annual selling rate remained stuck in the low- to-mid 9
million vehicles, likely falling below 850,000 car and truck sales,
according to early auto maker estimates. The drop represents a
decline of 35% to 40% from a year ago.
"Industrywide, April felt more like a dust bowl than a spring
garden for new car sales," said Jim O'Donnell, president of BMW in
North America, in a statement.
Uncertainty around General Motors Corp. (GM) and Chrysler LLC,
which entered bankruptcy protection on Thursday, helped drag sales
down toward the month's end and erased a strong start to the month,
auto makers said. Chrysler finished with a 48% decline for
April.
"I thought we were going to close much better than we did," Mark
LaNeve, sales chief for GM, which reported a 33% drop. "We didn't
see a significant break up or down."
Meanwhile, shaky consumer confidence and high levels of
joblessness offset benefits of increased credit availability, deep
discounts on cars and trucks and U.S. government backing of
warranties on GM and Chrysler vehicles.
While auto makers said they see signs of an impending rebound,
more turmoil lies ahead this spring as GM and Chrysler race to
remake themselves under close watch of the U.S. government.
Even so, most auto makers posted their best sales figures of the
year in April. An exception was Toyota Motor Co. (TM), reporting a
42% slump from a year earlier and allowing Ford Motor Co. (F) to
eclipse it in monthly sales for the first time since March
2008.
Ford, the healthiest of the Detroit Three said it continued to
outperform rivals with market-share gains, led last month by record
sales of the Fusion sedan. Honda Motor Co. (HMC) also saw its
results strengthen, posting a smaller decline of 25% for April.
GM, meanwhile, sold 172,150 light vehicles in April. But volumes
rose 11% from March. There were 26 selling days in April, the same
as a year ago. Truck sales, including crossovers, fell 28%, while
car sales slipped 41%.
Ford recorded a 33% drop to 133,979, as Ford, Lincoln and
Mercury car sales dropped 31%. Sport-utility vehicles continued to
tumble - down 61% in April. Sales of trucks and vans dropped
36%.
For Chrysler, April sales dropped to 76,682 vehicles, the lowest
total since January and putting its year-to-date figure below
Honda. Car sales continued to tumble for the truck-focused company,
down 61%.
Still, Chrysler said its latest results made it optimistic about
its new alliance and restructuring plans.
"The industry appears to have stabilized, as it's been fairly
level for the past four months," said President Jim Press. "We know
where the bottom is, and as the economy struggles to recover,
vehicle sales should follow."
Toyota sales fell to 126,540 with cars and trucks down by
similar percentages, while Honda reported sales of 101,029 amid an
18% drop for cars. Nissan Motor Co. (NSANY) had a 38% slump to
47,190, but avoided falling behind Hyundai Motor Co. (005380.SE) in
monthly sales for the first time.
Hyundai reported its April sales dropped 14% to 33,952. Sales of
Hyundai's Accent and Sonata grew 26% and 7%, respectively, and the
company said it boosted its retail market share by 20%.
GM's shares were down 6.3% to $1.80 in recent trading, as Ford
dropped 4.5% to $5.71. Toyota's American depositary shares fell
0.5% to $78.77 and Nissan's ADS fell 1.2% to $10.28 while Honda's
ADS rose 0.3% to $29.16.
-By John Kell and Sharon Terlep, Dow Jones Newswires, 201-938-5285, john.kell@dowjones.com
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