Big 3 Lag in US Sales, Except For GM Trucks
03-02-2002, 05:31 AM
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Big 3 Lag in US Sales, Except For GM Trucks
Sales dip for Ford Motor Company, DaimlerChrysler AG
GM reports slightly higher sales
THE WALL STREET JOURNAL
DETROIT, March 1 - General Motors Corp. posted a slight increase in U.S. vehicle sales for February, with strong growth in trucks helping offset a double-digit decline in car sales. But Ford Motor Co. and DaimlerChysler AG's Chrysler Group saw their sales sink as domestic brands again were hurt by a big drop in sales to rental-car companies.
GM SAID FRIDAY that its total U.S. sales rose 0.4% in February to 411,111 vehicles. Car sales dropped 19%, amid a 29% reduction in fleet volume, or sales to rental-car companies. Truck sales jumped 22%. There were 24 selling days in February, unchanged from a year earlier.
Rental-car companies have been struggling amid the economic slowdown and Sept. 11 terrorist attacks, which have led to a steep decline in business and leisure travel. In response, most major companies have slashed their fleet numbers. Fleet sales were down 19% in January.
"Our retail sales through February have exceeded year-ago levels, our inventories are in excellent shape and we continue to stabilize share. Our momentum is being driven by our gains on the truck side of the business," Bill Lovejoy, GM's group vice president of North American vehicle sales, service and marketing, said in a statement.
Detroit-based GM reiterated its first- and second-quarter production forecasts of 1.34 million vehicles and 1.43 million vehicles, respectively. The auto maker produced 463,000 vehicles in North America in February, up 25% from a year earlier.
GM said sales of its Chevrolet brand vehicles rose 4.4%, accounting for more than half of total GM vehicles sold. The GMC brand saw sales climb 17%, while Saab sales rose 15% and Buick sales increased 12%.
By contrast, Oldsmobile's sales plummeted 42%, Saturn sales fell 14% and Pontiac sales declined 9.5%.
Earlier this week, GM raised its outlook, amid stronger-than-expected performance in the U.S. auto market. GM's decision to raise its near-term sales and profit targets indicates that the company is confident its big gamble to lead the industry in offering steep consumer discounts is paying off.
FORD'S SALES SLIDE 12%
Ford said its total vehicle sales fell 12% in February, with car sales dropping 21% and truck sales declining 5%.
Financially struggling Ford also unveiled new incentives to get customers back into dealer show rooms and affirmed its break-even earnings outlook for the full year.
The Dearborn, Mich., auto maker reiterated its first-quarter North American production plan of 1.05 million vehicles and announced that it will produce 1.18 million vehicles in the second quarter.
Sales of Ford's domestic brands sagged, amid the 29% drop in fleet sales in February. Ford brand sales fell 11%, Mercury sales declined 28% and Lincoln sales slumped 32%.
Jaguar and Land Rover continued to be bright spots for Ford, with both brands again reporting higher sales that benefited from the introduction of new vehicles - the Jaguar X-type sedan and Land Rover's Freelander sport-utility vehicle. Jaguar sales more than doubled for the month, and Land Rover sales jumped 79%. Also, Volvo's February sales rose 2.4%, paced by sales of the S60 midsize sedan
Ford also said it will continue to offer 0% financing and customer cash up to $2,500 until April 8 on most 2002 Ford brand vehicles. It also announced new lease loyalty bonuses Friday.
Ford's move is in response to GM, which said earlier Friday that it would offer $2,002 customer cash or low annual-percentage-rate financing rates for certain brands through March.
Auto makers have been stepping up their incentives in recent weeks, despite the rising cost of their efforts, as they fight to sustain sales in a shrinking market. GM, intent on boosting market share this year, has been among the most aggressive.
CHRYSLER'S SALES DROP 11%
Chrysler Group reported an 11% decline in U.S. vehicle sales from the year-earlier month.
Chrysler also blamed lower orders from rental-car companies for the decline. Total car sales fell 25%, while truck sales declined 6%.
Chrysler's Dodge division saw sales slide 10%, while minivan sales fell 8% in the month. Sport-utility sales fell 7%.
GM reports slightly higher sales
THE WALL STREET JOURNAL
DETROIT, March 1 - General Motors Corp. posted a slight increase in U.S. vehicle sales for February, with strong growth in trucks helping offset a double-digit decline in car sales. But Ford Motor Co. and DaimlerChysler AG's Chrysler Group saw their sales sink as domestic brands again were hurt by a big drop in sales to rental-car companies.
GM SAID FRIDAY that its total U.S. sales rose 0.4% in February to 411,111 vehicles. Car sales dropped 19%, amid a 29% reduction in fleet volume, or sales to rental-car companies. Truck sales jumped 22%. There were 24 selling days in February, unchanged from a year earlier.
Rental-car companies have been struggling amid the economic slowdown and Sept. 11 terrorist attacks, which have led to a steep decline in business and leisure travel. In response, most major companies have slashed their fleet numbers. Fleet sales were down 19% in January.
"Our retail sales through February have exceeded year-ago levels, our inventories are in excellent shape and we continue to stabilize share. Our momentum is being driven by our gains on the truck side of the business," Bill Lovejoy, GM's group vice president of North American vehicle sales, service and marketing, said in a statement.
Detroit-based GM reiterated its first- and second-quarter production forecasts of 1.34 million vehicles and 1.43 million vehicles, respectively. The auto maker produced 463,000 vehicles in North America in February, up 25% from a year earlier.
GM said sales of its Chevrolet brand vehicles rose 4.4%, accounting for more than half of total GM vehicles sold. The GMC brand saw sales climb 17%, while Saab sales rose 15% and Buick sales increased 12%.
By contrast, Oldsmobile's sales plummeted 42%, Saturn sales fell 14% and Pontiac sales declined 9.5%.
Earlier this week, GM raised its outlook, amid stronger-than-expected performance in the U.S. auto market. GM's decision to raise its near-term sales and profit targets indicates that the company is confident its big gamble to lead the industry in offering steep consumer discounts is paying off.
FORD'S SALES SLIDE 12%
Ford said its total vehicle sales fell 12% in February, with car sales dropping 21% and truck sales declining 5%.
Financially struggling Ford also unveiled new incentives to get customers back into dealer show rooms and affirmed its break-even earnings outlook for the full year.
The Dearborn, Mich., auto maker reiterated its first-quarter North American production plan of 1.05 million vehicles and announced that it will produce 1.18 million vehicles in the second quarter.
Sales of Ford's domestic brands sagged, amid the 29% drop in fleet sales in February. Ford brand sales fell 11%, Mercury sales declined 28% and Lincoln sales slumped 32%.
Jaguar and Land Rover continued to be bright spots for Ford, with both brands again reporting higher sales that benefited from the introduction of new vehicles - the Jaguar X-type sedan and Land Rover's Freelander sport-utility vehicle. Jaguar sales more than doubled for the month, and Land Rover sales jumped 79%. Also, Volvo's February sales rose 2.4%, paced by sales of the S60 midsize sedan
Ford also said it will continue to offer 0% financing and customer cash up to $2,500 until April 8 on most 2002 Ford brand vehicles. It also announced new lease loyalty bonuses Friday.
Ford's move is in response to GM, which said earlier Friday that it would offer $2,002 customer cash or low annual-percentage-rate financing rates for certain brands through March.
Auto makers have been stepping up their incentives in recent weeks, despite the rising cost of their efforts, as they fight to sustain sales in a shrinking market. GM, intent on boosting market share this year, has been among the most aggressive.
CHRYSLER'S SALES DROP 11%
Chrysler Group reported an 11% decline in U.S. vehicle sales from the year-earlier month.
Chrysler also blamed lower orders from rental-car companies for the decline. Total car sales fell 25%, while truck sales declined 6%.
Chrysler's Dodge division saw sales slide 10%, while minivan sales fell 8% in the month. Sport-utility sales fell 7%.
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