Auto sales are revving up thanks to big trucks, but not all parties are in on the action.
Ford Motor Co. (F) reported its October sales pushed higher 6.1%, which topped analysts' expectations of a 5.1% gain for the month. Fiat Chrysler Automobiles (FCAU) sales shrank 13% from last October, posting a wider-than-expected loss over analyst expectations of a 10% decrease.
General Motors Co. (GM) sales shrank 2.3% over last year, which bested analyst expectations that sales would be lower by 7.2%. Toyota Motor Corp. (TM) reported sales growth of 1.2%, falling short of analysts' expectation of 2.5%.
Ford said it sold 200,436 vehicles last month, with retail performance up 3.5%. Fleet sales came in line with expectations with a 14.6% increase in October.
Ford's popular F-Series truck lineup posted its best sales month in 13 years, up 15.9% from last October. Ford sold 75.974 trucks for the month, and transaction prices increased an average of $4,000 over last year to $47,300.
Ford brand SUV sales totaled 57,637 in October, up 4.6% overall from last year.
Although overall sales shrank year-over-year, Fiat Chrysler's Ram truck sales had their best October on record with a 1% gain over last year. The firm's Jeep Compass SUV also had its best October ever, with sales up 81% over last October.
Retail sales for Fiat Chrysler were down 4% year-over-year and represented about 85% of total sales. Fleet sales shrank 43% last month, in line with company expectations.
GM's sales decline over last year was narrower-than-expected, driven in large part by strong truck sales. Pickup deliveries totaled 84,902 units, up 9% over last October. The Chevrolet Silverado and GMC Sierra were the top sellers in GM's trucks category.
Crossover sales for GM gained 12% over last year, with the highest ever October sales for the following models: Chevrolet Equinox, Chevrolet Traverse, GMC Acadia, Buick Encore and Buick Enclave. The Chevrolet Bolt and Buick Encore had their best months ever.
Toyota sold 188,434 units in October, with sales up 1.1% on volume and 5.2% on a daily selling rate. The firm reported its best-ever October for light truck sales. The RAV4 model saw its 10th consecutive month of record sales in October.
The Toyota division gained 2.5% in sales over last October, while the Lexus division's sales were down 7.7% on volume.
Ford stock gained 0.65% to $12.35 in mid-morning trading and Fiat Chrysler was up 1.24% to $17.57. Toyota traded higher 0.22% to $1214.25. GM shares were lower 0.5% to $42.96.
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