November auto sales beat analysts' estimates even as they remain flat

(November 2, 2009) General Motors, Toyota, Ford, and Chrysler posted November U.S. auto sales that beat analysts' estimates as the economy stabilized and shoppers began trickling back to showrooms.

U.S. consumers bought 746,928 cars and trucks last month, about the same as last year.

Sales were down 1.8 percent for GM, up 0.1 percent for Ford and down 25.5 percent for Chrysler.

Toyota, the world's largest automaker, reported a 2.6 percent increase. Honda (down 3 percent) and Nissan (up 21 percent) also topped estimates.

The big winner in November was South Korean automaker Hyundai/Kia, which showed a 34 percent month-over-month gain. Other winners were Daimler, up 9 percent; Mazda, up 1 percent; and Subaru, up 24 percent.

The results signaled improvements for automakers battered by the deepest economic slump since the Great Depression and bankruptcies for GM and Chrysler. U.S. auto sales may have run at a faster pace in November from a year earlier for just the second month in 2009.

An industry sales increase would be the first of 2009 without help from federal incentives. The U.S. Transportation Department's cash for clunkers program offered as much as $4,500 for buyers to trade in older, less fuel-efficient cars from July 27 to Aug. 24.