) -- If we are entering the second phase of a double-dip recession, would somebody please tell the auto industry?
Industry experts project strong sales in September, a month when the
has gyrated wildly and, so far, fallen by 3%.
broke ground Tuesday on a new transmission plant in Chongqing, China, even though China auto sales have declined markedly this year.
, a key section of the recently signed tentative agreement between GM and the United Auto Workers union creates more U.S. jobs. And Moody's said last week it's reviewing the company's credit rating for a possible upgrade. The central issue in the review will be GM's ability to sustain its improved performance over the longer run, Moody's said.
"New vehicle sales are doing particularly well, even with worries of a recession and another wild month for the financial markets in September,"
analyst Jesse Toprak said Tuesday, in a prepared statement. Many experts say that with so many aging vehicles on the road, the vast need for replacements will fuel consistent sales in the coming years.
TrueCar said September U.S. light vehicle sales should rise 10.1% from a year earlier to 1.1 million units. That would mean 2011 total U.S. light vehicle sales of 12.75 million, up 10% from a year earlier.
Last week, J.D. Power also
projected September gains, with retail sales at their highest level since April.
TrueCar projects September sales gains of 21% for GM and Chrysler and 8.5% for Ford. Hyundai is projected to see a 25% increase, with Nissan up 19%. Declines for
are seen slowing to 12% and 3%, respectively, as the two manufacturers' inventories increase.
-- Written by Ted Reed in Charlotte, N.C.
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