(Bloomberg) -- It remains to be seen whether U.S. auto sales ended October up or down through the first 10 months of the year. But this much is clear: Carmakers are raking in the dough even as deliveries for most are in decline.
Key Insights
- Most major automakers beat estimates, with Fiat Chrysler posting an even bigger jump than expected and Toyota reporting a surprise gain. Both did so on the strength of trucks and sport utility vehicles such as the Ram and Tacoma pickups and Compass and Highlander SUVs.
- Strong light truck and crummy sedan demand has been an ongoing theme for months. This phenomenon has led total sales to more or less tread water, but has been a boon for revenue and profitability -- just ask top U.S. automaker General Motors.
- Ford's industry-leading F-Series line was an exception, with sales falling 7.3 percent from a year ago. But the automaker blamed this mostly on lower deliveries to fleet customers and noted customers are paying top dollar -- more than $47,300 per pickup.
Market Reaction
- Fiat Chrysler climbed as much as 2.9 percent. Perhaps troubled by the F-Series slip up, Ford fell as much as 2.5 percent in New York trading.
Get More
- Ford ascended to at least No. 2 in the market in October, outselling both Toyota and Fiat Chrysler. GM no longer reports sales on a monthly basis. This was a nice bounce back for the Blue Oval after suffering the indignity of slipping to fourth place in the month of September.
--With assistance from David Welch and Melinda Grenier.
To contact the reporters on this story: Keith Naughton in Southfield, Michigan at knaughton3@bloomberg.net;Gabrielle Coppola in New York at gcoppola@bloomberg.net;John Lippert in Chicago at jlippert@bloomberg.net
To contact the editor responsible for this story: Craig Trudell at ctrudell1@bloomberg.net
©2018 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
