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(SanDiego.CityRegions.Com, June 07, 2013 ) San Diego, CA -- U.S. Auto sales are projected to rise on-year 6.5 percent to 1.42 million cars and trucks in the last month for a seasonally adjusted annual rate of 15 million cars, Edmunds.com reported. In April, total SAAR had dropped from to 14. 92 million from 15.27 in March.
Jessica Caldwell, a senior analyst at Edmunds.com, said in a statement that “May sales quickly chased away any of last month’s concerns that the auto recovery is stalling. This quick rebound is just another example of how the auto industry is currently one of the most resilient areas of the overall economy.”
According to Edmunds.com, GM is likely to lead the pack with 250,007 vehicles sold, up 1.9% from from the same month last year. Ford is estimated to have sold 243,782 units, a 13% increase from May 2012 while Toyota Motor Corp. is expected to report slipping sales at just 0.2% to 202,482.
“We spoke with several contacts in the steel industry who indicated that automotive end-market demand remained strong in May, up from low single digits year-over-year (YoY), although momentum and YoY growth may have peaked,” Peter Nesvold, an analyst at Jefferies, said in a note.
Retail sales, which excludes fleet transactions, are likely to come in at 1.16 million for a SAAR of 12.5 million, the highest since January of this year, according to J.D. Power and Associates.
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