General Motors Co. is likely to post its first year-over-year monthly sales gain in 21 months when automakers report sales figures on Tuesday, a top GM sales analyst said Wednesday.
DETROIT (AP) — General Motors Co. is likely to post its first year-over-year monthly sales gain in 21 months when automakers report sales figures on Tuesday, a top GM sales analyst said Wednesday.
Mike DiGiovanni, GM’s executive director of global market and industry analysis, also told reporters that the payback from the government’s Cash for Clunkers rebates that depressed U.S. auto sales in September should be over.
“We’re through that for the most part,” he said during a sales preview discussion. “We think it paid back in August and September.”
GM last reported a sales increase over the same month of the previous year in January of 2008, DiGiovanni said. GM’s vehicles sold poorly last October, though, down 45 percent from October of 2007 when U.S. financial markets were collapsing.
Also in October, GM should see its third straight U.S. market share gain, falling into the 20 percent to 21 percent range despite shedding four brands and trying to focus on Chevrolet, Buick, GMC and Cadillac, DiGiovanni said.
He predicted U.S. light vehicle sales for October will rise to an annual rate of 10.5 million, up dramatically from September’s 9.2 million. He said the U.S. auto market is not out of trouble yet but is showing signs of recovery.