US auto sales forecasts for the month of May are to be released today. The numbers are estimated to rise by 6.5% to a seasonally adjusted annual rate of 15 million vehicles according to Edmunds.com, a site for auto sector information.
The US automobile industry is not only expected to record high sales but also to raise their profits due to a strict inventory management. Chrysler, Ford and GM are not overproducing cars and trucks as taking a lesson from past years. Comparing to last year discounts on the market due to its higher inventory, this years expectations are of a lesser incentives.
According to Edmunds.com, Nissan North America is expected to record its biggest sales increase in May by 20% that would be companys best May ever. Domestic brands are supposed to achieve a huge boost in truck sales. Usually high truck sales indicate a recovery in the housing market. GM is likely to lead with sales around 250 007 vehicles, followed by Ford, which is expecting 243 782 – a 13% increase comparing to last year and Toyotas forecasts are said to slip by 0.2%.
“We spoke with several contacts in the steel industry who indicated that automotive end-market demand remained strong in May” Peter Nesvold, an analyst at Jefferies said in a note for The Wall Street Journal.
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