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November car sales boost spirits

Posted
12/1/2010 2:04:00 PM
By: NASDAQ.com News
Referenced Stocks:F;GM;HMC;TM

Coming off an increase in sales for the month of November, automakers are looking to finish 2010 with even stronger results, which typically happens during the holiday season, the Wall Street Journal reports .

November sales of cars and small trucks were 873,323, nearly 17 percent higher than sales from November 2009, according to Autodata Corp. Ford Motor Company ( F ), General Motors ( GM ), Chrysler Group and Honda Motors ( HMC ) all reported increases of at least 11 percent.

Toyota Motor Corporation ( TM ) saw sales decline more than three percent, stating buyers shifted from cars to trucks and SUVs. But sales at Honda and Nissan were not impacted by this trend.

"We haven't seen this kind of mix of car versus truck really since before the recession," Bob Carter, U.S. sales chief for the Toyota brand, told the Wall Street Journal.

One GM official said the sales figures bode well as indicators about upcoming economic times.

"The economy is continuing to gain traction," Jim Bunnell, general manager of U.S. sales for Detroit-based GM, told the publication. "We believe we will see meaningful job creation in the coming months."