GM US auto sales rise 5% in Aug over last year

04 September 2007 21:32  [Source: ICIS news]

HOUSTON (ICIS news)--GM dealers in the US delivered 388,168 vehicles in August, up more than 5% when compared with the same time last year, the auto maker said on Tuesday.

The auto industry is an large consumer of rubber, coatings and plastic.

While August was a solid month for auto sales, some buyers are leaving the new vehicle market, due to rising gasoline prices and to problems the US housing market, GM said.

Moreover, GM said it will cut production from the third and fourth quarters.

So far, GM has not seen any evidence that tightening credit is slowing down vehicle sales, the company said. Nonetheless, GM said it would continue to monitor credit markets.

In August, GM North America produced 437,000 vehicles, which includes 152,000 cars and 285,000 trucks, the company said. That is down by 28,000 vehicles - or 6% - when compared with production in August 2006.

North America's third-quarter production forecast is revised at 1.050m vehicles, which includes 377,000 cars and 673,00 trucks, the company said. The new figure is down 25,000 - or 2% - from last month's guidance.

GM North America's initial forth-quarter production forecast is set at 1m vehicles, which includes 334,000 cars and 666,000 trucks. The forecast is down 107,000 vehicles - or 10% - from the actual production figure in the fourth quarter of 2006.

By: Al Greenwood
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