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U.S. November car sales surprise on upside

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In November, during the deals of the Holiday season the sales of the automobiles in the United States went up. This in turn helped in limiting the scale of the falls that the sector was experiencing annually for certain car makers.

On Monday, the numbers from many of the top producers of the cars showed that the overall figures for this sector were back on track and were above the expectations of the analysts.

Reuters reported that according to some sources who were familiar with the numbers the number one carmaker, General Motors have witnessed a rise of about 1 percent in the sales.

This was in comparison to the decline of more than 2 percent that the analysts were expecting.

Source: i.ytimg

The biggest rival of the General Motors, Ford Motor Co. have reported a decline of 7 percent in its sales.

But the analysts were expecting the overall industrial sales to be 17.2 million; however the actual sales were above the expectations of the analysts reaching value $17.5 million.

Recently, the United States and China have announced a three month truce period and the news escalated the share prices of both the companies over the weekend which rose by more than 4.5 percent in the morning trading of the New York stock exchange.

Source: s3.reutersmedia

An analyst at the J.P. Morgan, Ryan Brinkman stated that taking into consideration the macro aspect of the economy, the sales of Ford was upbeat considering its monthly calls which thereby suggests that the relative resiliency of the consumers in relation to the rising interest rates.

The sales of the United States have been expected to fall for the second year consecutively, because of the increased interest rates as well as the tariffs which has increased the prices and that too when most of the car holders might have already replaced their older cars.

Source: Reuters, Investors

 

Ketakee Srivastava
I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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