|
Ford surges in August
|
 |
September 2, 1999: 5:46 p.m. ET
Car maker breaks 10-year-old record as car sales jump nearly 20 percent
|
NEW YORK (CNNfn) - Ford Motor Co. was in high gear Thursday, reporting a nearly 20-percent jump in car sales for August in a report that broke a sales record dating back to 1989 and propelling the U.S. vehicle industry to its strongest monthly selling rate in 33 years.
Ford (F), the No. 2 maker of cars and trucks combined, said it set a new sales record for the
month and marked its 13th consecutive monthly sales increase.
Ford said consumers bought or leased 349,855 cars and trucks from Ford, Mercury, Lincoln, Jaguar and Volvo dealers. Sales of passenger cars rose 19.2 percent to 154,368, the fourth month in a row that cars posted a double-digit sales increase.
Truck sales rose 0.7 percent to a record 195,487. Total sales were up 8.1 percent.
"August was another sensational month for Ford and the industry," Bob Rewey, group vice president of marketing, sales and service, said in a statement.
For the auto industry as a whole, new cars and trucks in August sold at a pace that would equal an annual total of 17.8 million units, the fifth time this year the seasonally adjusted annual sales rate topped 17 million.
Total vehicle sales rose 20.4 percent to 1,485,049. The year-ago total was held back by two strikes at General Motors Corp. (GM).
Economists do not see the recent increase in short-term interest rates as having a dramatic effect on vehicle sales for the rest of this year. A strong job market has buoyed consumer confidence, while household income has risen steadily.
"Right now, consumers aren't even feeling the slight 50 basis point total interest rate increase by the Federal Reserve this year," said Paul Taylor, chief economist for the National Automobile Dealers Association in McLean, Va.
Taylor expects the 1999 light vehicle total to finish above 16.5 million units. The all-time record was 16.1 million units in 1986.
Ford shares fell 15/16 to close at 50-15/16 in Thursday trading.
-- from staff and wire reports
|
|
|
|
|
|
Ford
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
