Auto makers said today (Feb. 3) that their U.S. sales grew in January, typically a slower month for the industry, as strong demand trends appear likely to continue into the new year.
MarketWatch reported that the auto industry is in the midst of a strong run of monthly sales improvements as U.S. consumers, armed with more cash because of lower gasoline prices, are more confident about the economic outlook. Now, the market is looking to see whether the sector can continue its torrid growth this year.
“In spite of some tough 2015 comparisons, we remain confident in our ability to post year-over-year sales increases on the back of strong retail demand for our products,” said Reid Bigland, Fiat Chrysler Automobiles’ head of U.S. sales.
Chrysler, General Motors Co. and Nissan Motor Co. all posted double-digit increases in January.
Much of the continued strength in the industry comes from higher sales of sport-utility vehicles and trucks, which benefit from declining fuel prices. Market observers expect auto makers will bet on sustained lower oil prices and will ramp up production of heavier vehicles this year.
For the full story click here.