(Updates to include more auto makers)
Japan's auto makers posted steeper declines than most of their
American counterparts as most auto makers reported their highest
sales of 2009, though the figures were still well below prior-year
levels.
Ford Motor Co. (F), which posted the most modest decline, beat
rival Toyota Motor Corp. (TM) for the second straight month after
lagging behind in U.S. sales for over a year. Toyota logged a 41%
drop amid a 55% plunge for its Corolla sedan.
While Ford and General Motors Corp. (GMGMQ) were able to post
more modest declines in their U.S. sales in May, Chrysler LLC, the
third-largest U.S. auto maker, posted a steeper 47% decline. The
company filed for bankruptcy protection April 30.
Japanese auto makers Nissan Motor Co. (NSANY) and Honda Motor
Co. Ltd. (HMC), meanwhile, posted declines of 33% and 39%
respectively. Honda's latest results were especially hurt by
slumping Civic and Accord model sales.
Ford sales analysis chief George Pipas said U.S. auto sales
strengthened at the end of May with liquidation sales by Chrysler
dealers and a "strong" holiday weekend performance by GM dealers.
He added annualized light-vehicle sales were about 10 million last
month, a little higher than the 9.86 million seen in April.
Ford, which posted a 24% decline for May, is looking to take
advantage of the woes at GM and Chrysler, announcing Tuesday a
10,000-vehicle increase in second-quarter production and projecting
third-quarter output up some 10% from a year earlier - Ford's first
significant production increase in almost two years.
The company has been reporting higher U.S. market share for
months, and said Tuesday its Ford, Lincoln and Mercury share grew
in May to its highest level since 2006.
GM sold 190,881 light vehicles in May, down 29% from a year
earlier. Volumes rose 11% from April. There were 26 selling days in
May, one less than the prior year. Truck sales, including
crossovers, were down 22%, while car sales tumbled 38%.
Toyota reported sales of 152,583 on similar car and truck
declines. Still, senior vice president Don Esmond said the company
was "encouraged that consumers are beginning to return to showrooms
and that the industry continues to show signs of
stabilization."
Ford's sales were 161,197 amid a 37% drop in sport-utility
vehicles and 29% decline for trucks and vans. Among the highlights,
Ford said its Fusion cracked the top three of America's top-selling
mid-sized sedans last month, putting a domestic car in that echelon
for the first time since July 2002. Also, hybrid sales set a record
for Ford.
Chrysler's sales were 79,010 units as the company reported its
highest retail results of the year. The company didn't produce any
vehicles for fleet sales during the month as it worked through
bankruptcy, resulting in a fleet sales reduction by 90% over the
same period a year ago.
Honda reported May sales of 98,344 as car sales plunged 49% as
the Civic and Civic hybrid posted steep declines of 60% and 54%,
respectively. The Accord dropped 46%.
Nissan's total was 67,489. The company was seen by some analysts
as potentially falling behind Hyundai Motor Co. (005380.SE) in
monthly sales for the first time. But the company reported a 20%
drop to 36,937, again falling significantly under Nissan's results.
Still, Hyundai said its market share lifted to its highest level of
the year, as the company continued to reduce incentive
spending.
Ford's shares were up 2% to $6.25 in recent trading. Toyota's
American depositary shares fell 1% to $80.88, while Nissan's ADS
were up 0.2% to $12.53. Honda's ADS were down 0.4% to $29.65.
-By John Kell, Dow Jones Newswires; 201-938-5285;
john.kell@dowjones.com
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