U.S. Auto Makers Post Mixed November Sales Results
By Adrienne Roberts
Detroit auto makers reported mixed sales results for November, with General Motors Co. and Fiat Chrysler Automobiles NV reporting declines while Ford Motor Co. gained ground amid strong demand for its pickup trucks and sport-utility vehicles. The numbers indicate dealership traffic remained on par with the same month last year, as a spate of Black Friday deals fueled interest.
GM said sales fell 2.9% in November compared with the same month a year ago, with 245,387 vehicles sold and Fiat Chrysler reported a 4% decrease with 154,919 vehicles sold. The two auto makers said planned reductions in sales to fleet buyers, including rental car companies, hurt sales and retail demand remains steady. Ford, meanwhile, saw sales increase 7% with 210,205 vehicles sold.
Analysts expect overall auto industry sales to be have been relatively flat in November compared with the prior year, according to J.D. Power. The firm predicts incentive spending reached a record for the month at $4,065 per unit, as auto makers tried to clear out inventories of 2017 model year vehicles with Black Friday discounts.
"The need to clear out record inventories of prior model-year vehicles continues to keep incentive spending aggressive in November," said Thomas King, an analyst at J.D. Power.
Write to Adrienne Roberts at Adrienne.Roberts@wsj.com
(END) Dow Jones Newswires
December 01, 2017 10:11 ET (15:11 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.