With car sales up by 45 percent through July, it seems that everyone in China is buying a car this year.
Asian competitors have been stealing a march on the US manufacturers, with Nissan reporting a 6.3% sales in August and Honda seeing car sales up 11.7%.
Year-to-date, passenger car sales are up only 6.1 percent, a fraction of the 63.6 percent jump in 2010.
In the first six months of the current fiscal year, passenger car sales were up 17% over the previous year.
Car sales were up 1% in April, while clothing sales rose 1.2%.
That said, General Motors and Chrysler have made huge cost-cutting strides in recent years, and could be poised to make serious profits if car sales pick up and the stock market strengthens enough to boost their pension funds.
The bank is watching U.S. oil demand trends closely for direction to gauge whether the U.S. employment outlook and car sales will pick up during next year.
Although premium car sales only make up a small percentage of total vehicle sales, their contribution to overall revenue is much higher due to their higher pricing.
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Due to the enhanced promotions, car sales last month were up 10.1% from October.
Car sales, which sucked up a lot of consumer spending during the summer, did not continue their decline.
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According to Jonathan Banks, executive automotive analyst with the NADA Used Car Guide, used-vehicle prices will remain largely at their lofty levels because of looser lending standards, recovery in the housing and construction markets, a gradual decrease in unemployment levels, an increase in supply from booming new-car sales and pent-up consumer demand.
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NPR's business news starts with oil prices up and car sales down.
Almost all of India's car makers are offering either discounts or incentives such as free insurance, vehicle exchange bonuses and car accessories to drive up sales in a dull market.
At the same time a recovery in demand from the US car market has also helped boost sales of Japanese carmakers, driving up demand for car parts.
Pickup trucks provided a lift, and car companies reported sales appeared to pick up between Christmas and the New Year, says Citi analyst Itay Michaeli.
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America's economy weakened, hitting car sales, while buyers turned their noses up at the firm's new models.
Rover car sales in the last month have shot up dramatically, as the prices have become more realistic, and I think, as British car buyers have started to realise the importance of buying British made cars to their own communities and local economies.
Not surprisingly, greater uncertainty associated with a slow growth economy also dampened retail sales, which were up a weaker than expected 4.9%, while car sales fell 3.7% from their year ago levels.
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The Big Three found growth in different niches, though, with GM seeing heightened demand for crossovers such as the Chevrolet Equinox, while Chrysler grew truck sales with the Ram pick-up truck, and finally Ford, capitalizing on retail car sales as gas-price sensitive consumers go for higher mileage with the Ford Focus and Fiesta.
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Car sales in the U.S. are picking up with a gradual improvement in the economy.
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Second, we see consumer confidence improving, with car sales, always a good indicator of that, up significantly.
In China fixed investment (on a GDP-consistent basis) is running more than 20% higher than a year ago, real consumer spending in urban areas is up by almost 11% and car sales have surged by 70%.
So in September, when U.S. car sales slowed and Chrysler's inventory began piling up on dealer lots, rather than keeping the factories humming and then boosting discounts to move the excess vehicles--a strategy that drove Chrysler into deep financial trouble in 2006 and at other times in its history--Nardelli decided to shut down six factories until the glut disappeared.
Car sales have been running at depression levels, and pent-up demand is about to burst, he says.
This is more in keeping with other data, such as car sales and GDP, which suggest that the recovery is picking up steam.
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"If the sales exceed 480, 000 units or another car project comes up, then we will have to consider building the second plant as this is the maximum capacity for the current plant, " he said.
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Pent-up demand and more readily available credit are driving car sales, more than incentives.
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Astra International, Indonesia's largest car maker, predicts its end-of-year sales will be up 150% over last year.
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