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The long-struggling U.S. auto industry may be showing signs of recovery, according to the latest monthly sales figures.
Ford (F) reported that its sales last month were 11 percent lower than at this time last year, in contrast to the much higher declines recorded in previous months. The company also indicated its June market share had gained three points in that same period. The increased demand has led the company to announce that it will be increasing production, which will come as good news for the nation's auto workers.
The company is also anticipating further sales from the government's upcoming Cash for Clunkers program, which will provide an incentive for consumers to trade in older vehicles for more efficient new ones.
For its part, General Motors (GM) reported that its sales volume for June was 33.6 percent lower than it was a year ago. However, the company still got a boost from the fact that its sales were up 10 percent over May's figures.
GM also indicated that its backlog of unsold vehicles was down about 33 percent since January, with about 582,000 at the end of June.
By Bill Laforme
Auto industry gets some good news for a change
The long-struggling U.S. auto industry may be showing signs of recovery, according to the latest monthly sales figures. Ford (F) reported that its sales last month were 11 percent lower than at this time last year, in contrast to the much higher declines recorded in previous months. The company also indicated its June market share had gained three points in that same period. The increased demand has led the company to announce that it will be increasing production, which will come as good news for the nation's auto workers.
The company is also anticipating further sales from the government's upcoming Cash for Clunkers program, which will provide an incentive for consumers to trade in older vehicles for more efficient new ones.
For its part, General Motors (GM) reported that its sales volume for June was 33.6 percent lower than it was a year ago. However, the company still got a boost from the fact that its sales were up 10 percent over May's figures.
GM also indicated that its backlog of unsold vehicles was down about 33 percent since January, with about 582,000 at the end of June.
By Bill Laforme
