US Auto Sales Roundup: Ford, GM, Toyota, Honda hit speed bump in September as Tesla accelerates output

Americans continued to flock to sport utility vehicles, pickup trucks and Teslas in September, but they’re driving away from passenger cars. Sales in September underwhelmed at General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F), while even the Japanese stalwarts Toyota Motor Corp (NYSE:TM) and Honda Motor Co Ltd (NYSE: HMC) posted swift slides.

Earlier Tuesday, Tesla Inc (NASDAQ:TSLA) bucked the trend with its stock on the rise after the electric car maker said it delivered 83,500 vehicle during the third quarter, beating Wall Street analysts’ expectations and about 80% higher than all of its deliveries for 2017.

Indeed, Tesla breezed past its target of building at least 50,000 Model 3 cars in the third quarter, marking a level of production that is unparalleled for the car maker. The electric car company delivered 55,840 of its Model 3 sedans, the company said.

READ: Tesla stock revs up after it delivers 83,500 electric cars in third quarter

Meanwhile, America’s second-largest automaker, Ford, reported an 11.2% decrease in September sales compared with the same month last year with 197,404 deliveries. The carmaker said last year the recovery from Hurricane Harvey expanded sales in Houston, creating a tough comparison with this year, while Hurricane Florence cost the company business.

“September presented a tough scenario,” the automaker said in a statement.

Similarly, sales at General Motors probably slipped 14%, according to a Bloomberg News survey of nine analysts. GM no longer provides monthly sales data.

“Industrywide deliveries probably ran at an annualized pace, adjusted for seasonal trends, of 17 million in September, down more than 1 million from a year ago,” reported Bloomberg.

Fiat Chrysler Automobiles (NYSE: FCAU) posted a 15% increase in September sales compared with the same month in 2017, with 199,819 deliveries, while sales are up 6% through the first nine months of the year.

The Detroit News reported that Fiat Chrysler’s Jeep brand continues to lead the charge, posting a 14% increase in September sales on gains for the Cherokee and Compass. Jeep is up around 20% for the year.

“The Dodge brand, which is down 2% through the first nine months of 2018, posted a 41% increase in September on gains for the Journey, Challenger, Caravan and Durango,” reported the newspaper.

Not surprisingly, there was hectic trading action in the automobile sector as investors mulled the mixed bag of sales results. Fiat Chrysler stock was down 0.25% to $17.94, while shares of Ford and General Motors fell more than 1%. Toyota and Honda Motor Co traded flat while, Nissan Motor fell 0.30% to $18.53.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors