Date
27 May 2017
An improving economy has prompted more US consumers to buy new cars last month. Photo: Bloomberg
An improving economy has prompted more US consumers to buy new cars last month. Photo: Bloomberg

US vehicle sales rise as consumer confidence improves

General Motors and Fiat Chrysler reported stronger-than-expected sales for May, signaling improving US consumer confidence as world’s largest economy picks up steam.

Fiat Chrysler Automobiles saw its US sales expand 4 percent last month from a year earlier, giving the automaker its best May in a decade, Bloomberg News reported.

GM, meanwhile, recorded a 3 percent rise in domestic sales, while Ford Motor saw a milder-than-anticipated decline in its sales — at 1.3 percent, it said.

Foreign automakers Toyota Motor, Honda Motor and Nissan Motor also posted better-than-expected results.

 

An improved job market has prompted consumers to head to car showrooms and pay higher prices by taking out longer loans, the report said.

US auto sales are said to have risen 1.6 percent to 1.64 million units last month, beating analysts’ estimates for a 1.1 percent decline.

 

The biggest surge came from SUVs, minivans and pickups, with their sales rising 6.8 percent last month, the report said, citing figures from research firm Autodata.

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