General Motors and Ford have exceeded analysts’ expectations in the United States with increased share prices and sales for the month of September.
General Motors chief economist Mustafa Mohatarem said all the key US economic indicators point toward continued economic growth and stability, while in addition, regions devastated by the recent hurricanes will continue to recover, helping spur new and used vehicle sales.
Reuters reports that the seasonally adjusted annualized rate of U.S. car and light truck sales in September rose to 18.57 million units from 17.72 million units a year earlier, according to Autodata Corp, which tracks industry sales.
According to car makers and dealers, much of the September gains follow the devastating hurricanes that have swept the southern part of the country. Replacing cars will boost U.S. new and used auto sales through at least November, according to industry consultants.
Shares of General Motors rose, up 2.7 per cent yesterday, while those of Ford gained 1.8 per cent, after both car makers reported better than expected sales for September.