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Automakers report stronger Oct. sales

DETROIT - U.S. auto sales increased in October as buyers grew slightly more confident in the economy and new models drew them into dealerships.

2011 Chevrolet Silverados awaited final inspection at the Flint Assembly in Flint, Mich., in June. General Motors Co. says strong demand for its pickups and wagons lifted October sales 3.5 percent and helped the automaker overcome weak car sales.
2011 Chevrolet Silverados awaited final inspection at the Flint Assembly in Flint, Mich., in June. General Motors Co. says strong demand for its pickups and wagons lifted October sales 3.5 percent and helped the automaker overcome weak car sales.Read moreCARLOS OSORIO / Associated Press, File
    by By Dee-Ann Durbin and Sharon Silke Carty, Associated Press, Inquirer
    Published 

DETROIT - U.S. auto sales increased in October as buyers grew slightly more confident in the economy and new models drew them into dealerships.

General Motors Co., which is preparing for an initial stock offering expected this month, said sales were up 3.5 percent in October.

GM also said Wednesday that it expected to earn up to $2.1 billion when it reported third-quarter results next week. The forecast came as GM announced its stock would be priced from $26 to $29 a share in the IPO.

October sales were also strong for Honda Motor Co. Ltd., Chrysler Group L.L.C., and Hyundai Motor Co. But Toyota Motor Corp., which has been dealing with repercussions from its sudden-acceleration recalls this year, said sales dropped 4.4 percent.

Increasing sales of its crossover wagons and pickups failed to overcome a double-digit drop in Toyota's car sales. The Japanese automaker has been pulling back on incentives, which rose significantly in the spring after the company recalled millions of cars and trucks over safety problems.

GM's sales were driven by its SUVs and wagons, which posted increases of 36 percent for October and 64 percent year to date. Sales of GM's most popular wagons - the Chevrolet Equinox, GMC Terrain, and Cadillac SRX - were up 58 percent compared with last October. Truck sales were also improved, with the newly launched Chevy Silverado posting sales up 12 percent and sales of GMC Sierra up 13.2 percent.

Ford Motor Co.'s sales increased 19.2 percent, led by big increases in trucks and small cars. Sales of the redesigned Edge crossover were up 24 percent, while Ford Escape sales increased 17 percent. Ford said sales of the F-series pickup increased 24 percent, thanks in part to a monthlong truck promotion.

Chrysler's sales were up 37 percent from last October, partly on the strength of the new Jeep Grand Cherokee, whose sales more than tripled. Ram pickup sales increased 41 percent.

New products also gave a boost to Honda, whose sales climbed 16 percent. October was the first full month on the market for the Odyssey minivan, which recorded an October sales increase of 52 percent. Wagons were also hot at Honda, where CR-V sales climbed 19 percent.

Automakers expect to sell about 11.5 million vehicles this year, up from a 30-year low of 10.4 million in 2009.

Consumer confidence increased slightly in October, according to a report released last week by the Conference Board. That, and a rebounding stock market, may have spurred buyers to invest in a new vehicle.