Major US automakers reported improved sales in July, making it one of the best months for industry-wide sales over the past two years. The Big Three Detroit giants - GM, Ford and Chrysler - all reported gains in July sales.
The initial reading from sales tracker Autodata shows that a total of 1.05 million vehicles were sold in the month, up 5% from a year ago. July marked the second best sales rate since the economic meltdown in September 2008.
Final numbers will likely show a seasonally-adjusted annual sales rate of about 12 million vehicles - an improvement from an annual rate of just over 11 million vehicles during the first half of the year.
Korean and German car manufacturers witnessed increases, with Kia Motors posting its best July ever. But, the Japanese car makers were not so lucky. Sales fell at Toyota and Honda, though Nissan reported gains.
Toyota said that its sales slipped 3% in July, but were slightly better than analysts' forecasts. Sales slipped 2% at Honda Motor.
It was the 10th straight month in which sales for GM's brands were up as compared with the same month a year earlier. Sales for GM's four brands - Chevrolet, Buick, GMC and Cadillac - have risen 31% so far this year.
Ford's July sales totaled 170,411 units, up 22.6% against the same month last year. So far in 2010, Ford's sales are up 22.6%.