U.S. Car Sales Rate Surges to 17.8 Million

Sales of new cars and light trucks in the U.S. expanded slightly to 1.64 million last month from 1.61 million in May 2014, Autodata Corp. reports. But that was enough to set a record for the month. The annualized sales rate jumped to 17.8 million from 16.7 million in May 2014.

Results were driven by strong demand for trucks, whose share of the American market climbed to 53.2% from 50.6% a year ago. Truck sale volume for the month rose 7% to 870,400 units, and car sales dropped 4% to 764,700 units.

Domestic-brand manufacturers gained 2% to 743,400 units as increases at General Motors (+3% to 293,100 units) and Fiat Chrysler Automobiles (+5% to 198,300) offset Ford's 1% decline to 250,100 vehicles.

Sales by Asian carmakers, which accounted for 45.7% of the market, advanced only 2,800 units to 747,700. Volumes were down for Toyota (-0.3% to 242,600), Nissan (-1% to 134,800) and Hyundai (-10% to 63,600). Demand increased for Honda (+1% to 154,600) and Kia (+4% to 62,400).

European brands enjoyed the largest sales gains in May, rising 7% to 145,000 units. The group was led by Volkswagen (+8% to 34,800), Mercedes-Benz (+12% to 32,400), BMW (+5% to 31,000) and Audi (+11% to 18,400).