20 April 2011 19:06 [Source: ICIS news]
HOUSTON (ICIS)--Automakers are projecting that US auto sales will reach an estimated 13.0m units in 2011, investment bank Jefferies & Co said on Wednesday.
The sales target represents a 12% increase from the 11.6m units sold in 2010, according to sales reports released in January.
The 13.0m estimate is an average of sales estimates that ranged 12.8m-13.5m - offered by presenters at a National Automotive Dealers Association (NADA)/IHS forum, Jefferies & Co said in a research note.
Automakers said they expected sales losses related to the 11 March earthquake and tsunami in Japan would be made up at the end of the year.
Several automakers have reduced production in April because of supply disruptions in Japan.
Toyota announced plans on Tuesday to curb production through May.
However, some companies indicated plans to ramp up output in the second half of the year, according to the report.
In a statement released on Wednesday, US automaker GM echoed the expectation that overall sales targets will not be affected.
"While it's too soon to call it all clear, we are increasingly confident that the overall situation in Japan will not have a material impact on our full-year results," the company said.
Automobiles are an important chemical end market, as each one has an average of $2,700 (€1,890) worth of chemistry, according to the American Chemistry Council (ACC).
($1 = €0.70)
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